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Stock market today: Tech rally set to continue after Nvidia's value surges

Stock market today: Tech rally set to continue after Nvidia's value surges
  • US futures were trading flat Friday morning after a bumper day for Nvidia and global markets.

  • Nvidia closed more than 16% higher in the largest single-session gain in value on record.

  • AI optimism also saw the S&P 500 and Dow Jones soar to fresh highs, while the Nasdaq 100 was up almost 3%.

US futures were becalmed ahead of the Friday's opening bell after an explosive trading day following the release of Nvidia's bumper fourth-quarter earnings.

The AI chipmaker's better-than-expected revenues, together with even higher forecasts for the next quarter, saw its stock surge by 16.4% to close at $785.37.

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Nvidia added $277 billion to its market capitalization, the largest single-session gain in value on record. The company is now worth $1.94 trillion.

Nvidia's success also pushed the S&P 500, Nasdaq 100, and Dow Jones indices to new record highs as AI optimism sparked a rally on tech stocks that is expected to continue into Friday.

S&P 500 futures and Dow Jones Industrial Average futures were trading flat shortly after 5 a.m. ET, while Nasdaq 100 futures were trending slightly down by 0.16%.

Yields on 10-year treasury notes were treading water, while the US dollar index, a gauge that tracks the greenback's strength against six other currencies, was also steady after a jump of 2.5% on Thursday in response to the Fed's hesitation toward interest rate cuts.

"The market may now be short of big catalysts until the middle of next week as the US reporting season begins to wind down, with core personal consumption expenditures data from the US likely to be closely watched next Thursday given it is the Federal Reserve's preferred measure of inflation," said AJ Bell's investment director Russ Mould.

Read the original article on Business Insider