Dow Futures rose 120 points; Nvidia's business results affect the technology sector

Dow Futures rose 120 points; Nvidia's business results affect the technology sector

 

US stocks are set to open slightly higher on Thursday, with the tech Nasdaq index underperforming following a disappointing update from chipmaker Nvidia.



At 7 a.m. ET (1100 GMT), Dow Futures were up 120 points, or 0.4%, S&P 500 Futures were up 14 points, or 0.3%, and Nasdaq 100 Futures were up just 5 points. , equivalent to 0.1%.



The main stock indexes on Wall Street closed higher on Wednesday and are now up for the week, on the way out of a long losing streak. This follows the release of minutes from the last Federal Reserve's policy-setting meeting, in which the central bank raised interest rates by 50 basis points.



While the minutes pointed to similar rate hikes in June and July, they also indicated a desire for some pause in tightening later in the year in case the economy begins to decelerate sharply.



Several major retailers, including Target (NYSE:TGT) and Walmart (NYSE:WMT), reported disappointing quarterly earnings as customers cut back on non-essential spending due to the price of essential items. as food and fuel increase.



Several retailers will report results on Thursday such as Macy's (NYSE:M), Costco (NASDAQ:COST), Dollar Tree (NASDAQ:DLTR) and Dollar General (NYSE:DG).



The focus, however, is likely to be on the tech sector after chipmaker Nvidia (NASDAQ:NVDA) shares fell 6% after it warned of a $500 million drop in sales in the current quarter. China and Russia due to slowing demand for video game chips.


Shares of Snowflake (NYSE:SNOW) also fell more than 14% after the data analytics software maker reported disappointing current-quarter guidance, citing a tougher operating environment.

Elsewhere, Twitter (NYSE:TWTR) stock jumped more than 5% after a filing revealed billionaire Elon Musk pledged an additional $6.25 billion in equity funding to fund the offer. its $44 billion proposal for the social networking company, while Apple (NASDAQ:AAPL) stock fell 1.4% after Bloomberg reported that the company is not expected to increase production my iPhone this year.


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