US stock indices are poised for early gains on Thursday, following Nvidia’s record-breaking surge that propelled the company to the title of the world’s most valuable public company. Futures tied to the S&P 500 indicated a 0.4% increase after the index closed Tuesday with its 31st record closing of the year. Nasdaq Composite futures saw a 0.7% rise, while Dow Jones Industrial Average futures edged up by 0.1%.
Wall Street’s winning streak is expected to continue into 2024, driven by excitement surrounding AI technology. Nvidia has been a standout performer, with its shares climbing over 3% in premarket trading and surging more than 170% year-to-date. The rapid rise of Nvidia saw it surpass Microsoft as the most valuable company in the world, after recently overtaking Apple for the second spot.
Global central banks were in focus on Thursday, with the Swiss National Bank cutting rates for the second time this year. The Bank of England opted to maintain its reference rate at a 16-year high, but indications point to a potential rate cut in the summer. In the US, the majority of traders anticipate a Federal Reserve rate cut by September, as per the CME FedWatch Tool. Weekly jobless claims data on Thursday will be closely watched for insights into the macroeconomic landscape.
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