U.S. stock futures were lower on Thursday after mostly closing higher on Wednesday. Futures of major benchmark indices were trading lower in premarket.
Wednesday saw a positive momentum in tech stocks led by Nvidia Corp. (NASDAQ:NVDA) following the deals with Saudi Arabia, strong earnings from Cisco Systems Inc. (NASDAQ:CSCO) and CoreWeave Inc. (NASDAQ:CRWV).
Nvidia CEO Jensen Huang, who last year sparked “Jensanity” among attendees, will headline this year’s annual Computex trade show, which will run from May 20–23 in Taipei, reported Reuters. His keynote is expected to spotlight Nvidia’s deepening partnerships with Taiwanese firms like Foxconn and Quanta.
Investors assessed the economic impacts of a tariff pause with China and await the Producer Price Index data slated to be released today.
The 10-year Treasury bond yielded 4.50% and the two-year bond was at 4.03%. The CME Group’s FedWatch tool’s projections show markets pricing a 91.7% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.42% |
| S&P 500 | -0.81% |
| Nasdaq 100 | -0.63% |
| Russell 2000 | -0.35% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. The SPY was down 0.68% to $583.57, while the QQQ declined 0.87% to $514.18, according to Benzinga Pro data.
Cues From Last Session:
Driven by renewed risk appetite after U.S.-China trade negotiation progress, information technology and communication services sectors led gains on Wednesday, bucking the broader negative trend where health care, materials, and real estate stocks saw the biggest losses.
Overall, U.S. stocks settled mixed, with the S&P 500 extending its gains for a third session, up over 4% week-to-date, while the Dow added around 2% and the Nasdaq surged over 6% for the week.
Notably, Nvidia and Advanced Micro Devices Inc. (NASDAQ:AMD) shares climbed significantly. Separately, U.S. mortgage applications saw a modest increase of 1.1%.
The …