Nasdaq Futures Surge on Nvidia's Blowout Earnings

Dow and S&P 500 futures are also pointed higher

Digital Content Manager
May 23, 2024 at 9:14 AM
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Nasdaq-100 Index (NDX) futures are getting a nice boost from Nvidia's (NVDA) blowout results and 10-for-1 stock split. Futures on the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are also higher, as traders brush off inflation worries that followed the release of the Federal Reserve's meeting minutes, which indicated it may still be a while before the central bank implements interest rate cuts.

Continue reading for more on today's market, including: 

Futurs 0523

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 755,895 put contracts traded on Wednesday. The single-session equity put/call fell to 0.57, and the 21-day moving average stayed at 0.70
  2. JP Morgan Securities upgraded Hasbro Inc (NYSE:HAS) stock to "overweight" from "neutral," highlighting the company's cost efficiencies and digital gaming forecasts. HAS is up 3.6% in premarket trading, and boasts a more than 150% year-over-year lead.
  3. Snowflake Inc (NYSE:SNOW) stock is 5% higher ahead of the open, after the cloud company reported much better-than-expected revenue for the first quarter. The shares are today looking to reverse some of their roughly 18% deficit for 2024.
  4. Shares of elf Beauty Inc (NYSE:ELF) are up 4.7% before the bell, following the cosmetics concern's top- and bottom-line beat for the fiscal fourth quarter. The stock is also brushing off a lackluster full-year outlook, and is up 7.8% so far this year.
  5. Retail earnings and economic data are due out this week.

OV Buzz Chart May 23

Nikkei Brushes Off Broader Market Dip

Japan’s Nikkei was the only gainer amongst Asian markets today, adding 1.3%, after the country’s manufacturing purchasing managers’ (PMI) index rose to 50.5 in May from the previous month’s 49.6 – above the 50 mark  to signify expansion for the first time in a year. Meanwhile, 10-year Japanese government bonds rose to the highest level since 2012 in afternoon trading. Elsewhere, China’s Shanghai Composite shed 1.3%, while Hong Kong’s Hang Seng dropped 1.7%. The South Korean Kospi inched 0.06% lower, after the country’s central bank kept its benchmark policy rate at 3.5%.

European markets are higher today, after the preliminary PMI data showed the euro zone’s business activity hitting a 12-month high in May, while the U.K.’s missed expectations, though still in growth territory. London’s FTSE 100 is up just 0.01% at last glance, while the French CAC 40 rises 0.4%, and the German DAX tacks on 0.3%.

 

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