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Futures muted, Nvidia’s market cap jumps above $3 trillion

June 6, 2024
in Business
Futures muted, Nvidia’s market cap jumps above $3 trillion
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Investing.com — U.S. futures were muted following a rally in both the and on Wednesday. Nvidia’s (NASDAQ:) market capitalization soars above $3 trillion, as the artificial intelligence chip designer becomes the world’s second most valuable company. Lululemon Athletica (NASDAQ:) posts better-than-anticipated first-quarter results, sending shares in the athleisure group higher in after-hours trading.

1. Futures muted

U.S. stock futures hovered around the flatline on Thursday after the benchmark S&P 500 and tech-heavy Nasdaq Composite both posted record high closing levels in the prior session.

By 03:28 ET (07:28 GMT), the contract and were mostly unchanged, while had risen by 26 points or 0.1%.

On Wednesday, the S&P 500 gained 1.18% to 5,354.03 and the Nasdaq Composite advanced by 1.95% to 17,186.38. The 30-stock also finished higher, adding 0.3% to 38,807.33.

Supporting the rally was the benchmark , which slid to a two-month low following weaker-than-anticipated private payrolls data. The figures — as well as a separate report earlier this week which showed job openings dipping to their lowest level in over three years in April — pointed to a softening in the U.S. labor market.

Easing demand for workers could relieve some upward pressure on inflation, bolstering hopes that the Federal Reserve will possibly slash interest rates down from more than two-decade highs later this year.

2. Nvidia surpasses Apple as world’s second most valuable company

Nvidia’s market capitalization surged past $3 trillion on Wednesday, as the artificial intelligence chip designer overtook iPhone-maker Apple (NASDAQ:) as the world’s second most valuable company.

The California-based firm has been a major beneficiary of a spike in enthusiasm around the applications of AI. Demand for its AI-optimized chips has soared over much of the last year, as more businesses spend heavily to fold the nascent technology into their operations.

In an unexpected move earlier this week, Nvidia unveiled plans for its new “Rubin” chip only months after it announced its most recent launch. The company, which faces intensifying competition from chipmaking rivals like Advanced Micro Devices (NASDAQ:) and Intel (NASDAQ:) as well as in-house processors made by large cloud computing firms like Microsoft (NASDAQ:) and Google (NASDAQ:), said it is targeting a “one-year” cadence of releases.

Nvidia also reported another quarter of bumper earnings in May, including a 262% spike in revenue, and revealed a 10-for-one stock split that is set take effect on June 7.

Apple, meanwhile, is expected to announce more details about its plans for AI at its much-anticipated developers conference next week. Compared to many of its Big Tech peers, the group has so far said relatively little about its AI ambitions, although Chief Executive Tim Cook said in a recent earnings call that the technology represents a “key opportunity.”

3. Lululemon shares jump after-hours

Shares in Lululemon Athletica rose by more than 9% in extended hours trading after the premium athletic apparel retailer posted first-quarter profit and sales that topped estimates.

The Canadian company known for its pricey leggings reported quarterly per-share income of $2.54, ahead of Wall Street expectations of $2.38, while net revenue of $2.21 billion was above projections of $2.19 billion. It also lifted its guidance for annual earnings per share and reiterated its full-year net revenue outlook.

Strength in mainland China, where same-store sales increased by 33% versus the year-ago period, offset flat top-line returns in the Americas. Analysts cited by Reuters noted that Lululemon has been building up its presence in China to take advantage of relatively muted domestic competition and counteract sluggish demand among inflation-squeezed U.S. shoppers.

Meanwhile, Lululemon, whose share price has slumped by 39% so far this year, signed off on a $1 billion uptick to its stock buyback program.

4. ECB decision looms

The European Central Bank is widely tipped to slash interest rates down from record high levels at its meeting on Thursday.

Buoyed by signs that inflation in the euro zone currency area is easing toward the ECB’s 2% target, policymakers have all but telegraphed the decision in the build-up to the gathering.

ECB President Christine Lagarde said in May that she believes price pressures are “under control,” particularly as the impact of an energy crisis and supply chain constraints fades. Philip Lane, the central bank’s Chief Economist, also told the Financial Times in an interview that “barring major surprises” officials see enough in recent data “to remove the top level of restriction.”

Investors are wagering that the ECB will cut its benchmark deposit rate, which currently stands at an all-time high of 4%, by a quarter percentage point. But uncertainty remains over how policymakers will approach future potential reductions later this year, with analysts at ING suggesting in a note that they “doubt the ECB will have much to say” on the topic.

5. Crude inches higher

Crude prices edged higher Thursday, boosted by the overall positive sentiment, but are still on course for hefty weekly losses.

By 03:24 ET, the futures (WTI) traded 0.7% higher at $74.60 per barrel, while the contract climbed 0.6% to $78.88 a barrel.

Both contracts are headed for weekly declines of around 4%, weighed down by the decision from the Organization of the Petroleum Exporting Countries and its allies to leave room for voluntary output cuts to be unwound gradually, beginning in October.

The crude market was also hit by the news that U.S. crude stocks jumped by 1.2 million barrels in the week to May 31, compared with estimates for a draw of 2.3 million barrels, data from the U.S. Energy Information Administration showed.

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