The Market News Today: Nasdaq Looks to Extend Gains Amid AI Boom

S&P 500 Futures Climb Amid Nvidia’s AI-Driven Surge

S&P 500 futures rose Thursday, aiming to extend gains following recent record highs. The S&P 500 and Nasdaq Composite hit new records earlier in the week. Nvidia, now the world’s most valuable company, has surged 174% in 2024 due to the AI boom, surpassing Microsoft. This rise has also lifted Broadcom, up over 61% this year. Investors remain bullish on AI stocks despite economic concerns. Key economic data, including jobless claims and housing starts, are expected later this week.

Key Economic Data Releases to Influence Markets

Wall Street anticipates significant economic data on Thursday, including initial jobless claims (235K forecast, 242K previous), housing starts (1.37M forecast, 1.36M previous), and building permits (1.45M forecast, 1.44M previous), set for release at 12:30 GMT. The Philadelphia Fed’s manufacturing survey (4.8 forecast, 4.5 previous) will also provide insights. These indicators will be closely watched for their potential impact on market movements and economic forecasts.

Ilya Sutskever Launches Safe Superintelligence (SSI)

Ilya Sutskever, co-founder of OpenAI, announced his new AI company, Safe Superintelligence (SSI). SSI will focus exclusively on developing safe superintelligence with a singular goal and product, avoiding management and product cycle distractions. The company’s mission is centered on safety, security, and progress, insulated from short-term commercial pressures. Sutskever is joined by Daniel Gross, former head of Apple’s AI and search efforts, and Daniel Levy, formerly of OpenAI. SSI has offices in Palo Alto, California, and Tel Aviv.

Bank of England to Hold Rates, Swiss National Bank Cuts

The Bank of England is expected to maintain its interest rates at 5.25%, while the Swiss National Bank cut its policy rate by 25 basis points to 1.25%. The BoE faces persistent inflation pressures, influencing its decision to hold rates. Meanwhile, the SNB’s rate cut reflects decreased inflationary pressure and aims to sustain appropriate monetary conditions. The contrasting moves highlight differing economic conditions and policy responses in the UK and Switzerland.

Treasury Yields Rise, Oil Dips, Gold Climbs Amid Economic Data

U.S. Treasury yields increased ahead of data on unemployment claims and housing starts. Crude oil prices dipped after reaching seven-week highs, affected by unexpected inventory rises and demand concerns. Gold prices hit a one-week high, driven by expectations of potential Federal Reserve rate cuts following softer economic data. Investors are closely monitoring these economic indicators to gauge future market movements and Federal Reserve policy adjustments.