Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange during the afternoon of April 9, 2024.

Michael M. Santiago | Getty Images

Stock futures were little changed overnight after the S&P 500 hit a new closing record thanks to a rally in the artificial intelligence chip darling. Nvidia.

Futures contracts linked to S&P500 the rose wavered near the flat line, just like Nasdaq-100 future. Futures contracts linked to Dow Jones Industrial Average slipped 5 points.

Lululemon surged 10% in extended trading as the sportswear maker beat expectations in its fiscal first quarter. Five below sank nearly 15% due to poor results and guidance.

Stocks are coming off a winning session. THE S&P500 jumped 1.18% to close at 5,354.03. The index also hit a new all-time intraday high of 5,354.16. The Nasdaq Composite jumped 1.96% to 17,187.90 and also hit a new record high, while the Dow Jones Industrial Average added 0.25% to close at 38,807.33.

Nvidia generated these gains by more than 5% to surpass a $3 trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of AI chips, known as “Rubin.”

“If you were designing the perfect dynamic company from scratch, it would be Nvidia,” Aswath Damodaran, a finance professor at New York University, said Wednesday on CNBC’s “Closing Bell.” “You have a great story, a CEO who sticks to the story…and you have a market that contributes to the mix. I think you’re seeing one of the greatest dynamic plays of all time unfold right in front of you.”

Wall Street is eagerly awaiting Friday’s May nonfarm payrolls report as investors look for signs of a weakening labor market that could support rate cuts from the Federal Reserve. Private sector payroll data from ADP released Wednesday showed a slowdown in hiring.

Earnings of JM Smucker are due Thursday, as are reports on continuing and initial jobless claims.

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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