On Thursday evening, the stock futures didn’t show much movement after a strong performance earlier in the day from both the S&P 500 and Nasdaq Composite, marking their best showings since early 2023.
The futures tied to the Dow Jones Industrial Average edged up slightly by 0.06%, while S&P 500 futures showed a small increase of 0.05%, and Nasdaq 100 futures dipped a bit by 0.02%.
After the market closed, Block saw a significant surge of more than 13% following better-than-expected fourth-quarter revenue. Carvana also experienced a notable climb of 23% after announcing anticipated growth in retail units for 2024.
During regular trading hours, the market witnessed a substantial rally, largely driven by Nvidia’s impressive performance. The chipmaker saw a remarkable 16% increase following its quarterly results. The S&P 500 saw a notable jump of 2.11%, its strongest since January 2023, while the Nasdaq Composite surged by 2.96%, marking its best session since February 2023. The Dow closed at a record high, with a gain of 1.18%.
Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report, noted, “Blockbuster earnings from tech giant Nvidia sparked the rally, but many sectors contributed. This is a very constructive breakout.”
On Thursday, 10 of the 11 S&P sectors ended in the green, with utilities being the only exception. Both industrials and healthcare hit fresh record highs.
All three major indexes are poised for a winning week, with the S&P 500 set to advance by 1.6%, the Nasdaq up by 1.7%, and the Dow showing a 1.1% increase for the period.
Investors are now eagerly awaiting the quarterly results from Warner Bros Discovery and Bloomin’ Brands before the opening bell on Friday.
