U.S. Futures Rise as Tech Rally Expected to Push S&P 500 to New High

U.S. Futures Rise as Tech Stocks Drive Market Confidence

As traders returned after a holiday, U.S. futures inched higher on Thursday morning, with investors expecting the tech-fueled rally to push the S&P 500 index to a new high. Futures on the Nasdaq 100, S&P 500, and Dow Jones Industrial Average were all up, indicating a positive start to the trading day.

The recent strong gains in artificial intelligence-related tech companies like Nvidia and Dell Technologies have boosted traders’ confidence, leading to the S&P 500 index reaching a record high earlier this week. This positive momentum is expected to continue as investors remain optimistic about the market outlook.

In terms of economic reports, all eyes will be on the Housing Starts and Building Permits data, as well as the Initial Jobless Claims data for the week ended June 14. These reports will provide valuable insights into the state of the economy and could impact market sentiment.

On the earnings front, companies like Darden Restaurants, Accenture, Jabil, Kroger, and Smith & Wesson Brands are set to announce their results today, adding to the market activity and potentially influencing stock prices.

Meanwhile, the U.S. 10-year treasury yield was up, while WTI crude oil futures trended lower. In Europe, markets opened higher as investors awaited the Bank of England’s interest rate decision later in the day.

In Asia-Pacific markets, most indices closed in the red as investors evaluated China’s central bank’s decision to keep loan prime rates unchanged. While some indices like Japan’s Nikkei gained, others like China’s Shanghai Composite and Shenzhen Component indices ended lower.

Overall, the market is showing signs of positivity and resilience, driven by tech stocks and economic data. Investors are closely monitoring developments and preparing for potential market movements.