In the latest pre-market session on Thursday, Wall Street futures indicated a moderately positive outlook, largely driven by Nvidia's impressive fourth-quarter earnings report released late Wednesday. The AI-chip giant, Nvidia, saw its stock rise by 1% before the market opened, following a solid performance that resulted in a 3.7% gain on Wednesday.
This strong report underscores Nvidia's robust position in the artificial intelligence sector and reflects the ongoing demand for AI technology in various industries. Meanwhile, President Donald Trump made headlines again with his proposed tariffs on Europe, adding a layer of complexity to the current economic landscape.
In the futures market, the S&P 500 index rose by 0.6%, the Nasdaq also increased by 0.6%, and the Dow Jones gained 0.3%, signaling investor confidence in these early morning hours. Asian exchanges displayed a mixed performance overnight, while European markets were tracking moderately lower by midday, highlighting the varying investor sentiments across different regions.
On the other hand, eBay's shares took a hit, closing down by 7.5% in pre-bell trading. The online marketplace released its Q4 earnings but tempered its guidance, which sparked investor concerns about future performance. In addition, both the Royal Bank of Canada (RY) and Toronto Dominion Bank (TD) are expected to release their earnings reports before the market opens, further contributing to the day’s financial narratives.
Looking ahead, key economic indicators will be on the radar, including the weekly jobless claims at 8:30 am ET, the durable goods orders report for January, and the revised Q4 GDP figures. The pending home sales index for January will be published at 10 am, followed by the weekly EIA natural gas report at 10:30 am.
Finally, the Kansas City Fed Manufacturing Index for February is slated for release at 11 am. Moreover, several influential Federal Reserve officials are scheduled to speak throughout the morning, including Richmond Fed President Thomas Barkin and Kansas City President Jeffrey Schmid, providing insights into monetary policy on the horizon.
In premarket trading, Bitcoin saw fluctuations, priced at $86,406, while West Texas Intermediate crude oil traded higher at $69.22. The yield on 10-year US Treasuries remained steady at 4.31%, and spot gold was priced at $2,892 an ounce, indicating stability in precious metals amidst the hectic trading environment.
Investors are also monitoring indices like $US30 and $US500 as they navigate through these uncertain times..