Futures Climb on Strong Earnings

Stock futures rose Thursday, boosted by a jump in Nvidia shares as the chip giant posted record revenue and issued upbeat guidance.

Futures for the Dow Jones Industrials leaped 139 points, or 0.4%, to 38,816.

Futures for the S&P 500 jumped 61.25 points, or 1.2%, at 5,057.50.

Futures for the NASDAQ popped 352.25 points, or 2%, to 17,889. NASDAQ could see a rebound from its three-day losing streak on Thursday. So far this week, the tech-heavy index has lost more than 1%.

Nvidia shares popped about 13% in the premarket after the chip company said total revenue rose a whopping 265% from a year ago, driven by its booming artificial intelligence business. Nvidia, which has become the fifth-largest company in the U.S. by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.

AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.

On Thursday, investors will not only be watching for further corporate earnings, but also for weekly jobless claims data and existing home sales figures from January. Markets were mixed Wednesday as investors digested minutes from the January Federal Reserve meeting that indicated policymakers were concerned over lowering rates too quickly.

In Japan, the Nikkei 225 galloped 2.2% Thursday, while in Hong Kong, the Hang Seng index leaped 1.5%.

Oil prices slid 13 cents to $77.78 U.S. a barrel.

Gold prices brightened $3.50 to $2,037.80 U.S. an ounce.

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