US stock futures steady after Nvidia pushes Wall St to record highs

U.S. stock index futures steadied in evening deals on Tuesday after gains in market darling Nvidia pushed Wall Street to record highs, with focus turning to more upcoming cues on the Federal Reserve and interest rates.

The S&P 500 and the Dow Jones Industrial Average hit record highs on Tuesday, boosted by NVIDIA Corporation (NASDAQ:NVDA ) amid reports that CEO Jensen Huang had finished selling stocks under a trading plan. The indexes were already close to record highs after a bumper interest rate cut by the Fed last week. 

Focus this week is on addresses from several Fed officials, as well as key inflation data for more cues on future rate cuts.

S&P 500 Futures rose slightly to 5,794.0 points, while Nasdaq 100 Futures rose 0.1% to 20,190.25 points by 19:21 ET (23:21 GMT). Dow Jones Futures fell 0.1% to 42,549.0 points.  Powell address, PCE data in focus 

Several Fed officials are set to speak in the coming days- most notably Chair Jerome Powell on Thursday, potentially offering up more cues on the bank’s plans to cut interest rates.

The Fed cut rates by 50 basis points last week and announced the start of an easing cycle, which analysts expect could bring rates lower by a total of 125 bps this year.

But Fed officials speaking earlier this week warned that future rate cuts may be smaller than the central bank’s first move. They also signaled a data-driven approach to future cuts.

Still, Wall Street raced to record highs after the Fed’s move, with stocks rising across the board. 

PCE price index data- the Fed’s preferred inflation gauge- is due on Friday, and is likely to factor into the central bank’s plans for interest rates.  Nvidia cools after strong session

Artificial intelligence major Nvidia steadied in aftermarket trade after rising more than 3% on Tuesday.

The stock was buoyed chiefly by reports that CEO Jensen Huang was done selling Nvidia shares after offloading more than $700 million worth of shares under a trading plan.

Huang’s share sales had rattled some confidence in the company, especially after its quarterly results missed some high expectations, and it flagged delays in its advanced AI chips. 

Nvidia’s Tuesday gains saw the S&P 500 rise 0.3% to a record high of 5,732.93 points, while the NASDAQ Composite rose 0.6% to 18,076.10 points. The Dow Jones Industrial Average rose 0.2% to a record high of 42,208.22 points.

Source: Investing.com