Market Update: Stock Futures Dip as S&P 500 Awaits 5,000 Milestone
Recent Developments
Stock futures nudged lower Thursday morning after the S&P 500 finished the regular session on the brink of the 5,000 milestone.
Futures on the Dow Jones Industrial Average fell 31 points or 0.1%, while S&P 500 and Nasdaq 100 futures were trading close to the flatline.
Disney shares surged about 6% in after-hours trading as the media giant beat quarterly earnings estimates and raised its guidance amid the company’s cost-cutting effort.
Chipmaker and designer Arm saw shares jump a whopping 23% in extended trading after the company reported stronger-than-expected earnings and gave an upbeat profit forecast.
The S&P 500 climbed 0.8% to 4,995.06 on Wednesday, as the technology-led rally continued. Investors have gained confidence in the strength of the ongoing rally.
Impressive Performance of Big Tech Companies
Big Tech companies are continuing to perform exceptionally well. Meta Platforms surged 3% on Wednesday, while Nvidia and Microsoft rose about 2% each, reaching new all-time record highs. The Nasdaq Composite also jumped nearly 1%, reaching another all-time high, while the Dow rallied about 150 points.
“The ‘Big 3’ forces that have been driving the market since November are still driving upside pressure, including disinflation, the dovish monetary pivot, and resilient earnings,” stated Adam Crisafulli, founder of the Vital Knowledge, in a note.
Focus on the Labor Market
Investors will closely monitor the release of fresh jobless claims data on Thursday, aiming to assess the health of the labor market and gain insights into the overall economic condition.
