Nvidia Earnings Boost AI Stocks in Dow Jones Futures; Rally Requires This

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Dow Jones futures experienced a slight increase after hours, with S&P 500 futures and Nasdaq futures also rising as Nvidia (NVDA) stock surged following the company’s earnings report. The results of Nvidia’s earnings report have major implications for other chip and AI stocks, as well as the ongoing market rally attempt. Other companies such as Snowflake (SNOW), Splunk (SPLK), and NetApp (NTAP) also reported their earnings on Wednesday night, with varying outcomes. The market rally attempt had been gaining momentum on Wednesday, characterized by improved breadth, although it has yet to confirm the rally attempt. Nvidia stock experienced significant gains overnight following its earnings report. In addition to Nvidia, a number of AI-related names saw movement in response to the earnings report, potentially offering buy signals for investors.

Boeing (BA) announced that it has discovered a new manufacturing issue with the 737 Max, which was caused by supplier Spirit AeroSystems (SPR). Boeing has stated that it has a fix for the issue, but near-term deliveries may be delayed. Despite this setback, the issue reportedly does not affect Max jets that are already in operation. BA stock fell slightly but remained in line with a buy point and 50-day line. Spirit AeroSystems experienced a sharp decline in its stock price.

In the futures market, Dow Jones futures were slightly above fair value, with Boeing stock acting as a drag. S&P 500 futures increased by 0.5%, while Nasdaq 100 futures gained 0.95%. Nvidia stock is a major component of both the Nasdaq 100 and S&P 500, alongside companies such as Broadcom, ServiceNow, Adobe, Microsoft, Meta, and Google. The futures market suggests that the S&P 500 and Nasdaq may test their 50-day lines at the opening of trading on Thursday. However, it is important to note that activity in the futures market does not always translate into actual trading in the regular stock market session.

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