Outlook 05/23: U.S. stock futures are higher as Nvidia surges on strong forecast. Chipmaker and artificial intelligence darling Nvidia added nearly 7% in premarket trading, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split. Nvidia’s results have been a focal point, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad SP500. Jobless claims slip more than expected. After a brief scare that layoffs could be on the rise, unemployment claims from the past week indicated that the labor market is still strong.
/ESM24 (JUN 2024): YVAH 5344 YPOC 5342 YVAL 5321 GAP 5328.50
/ES Plan: Yesterday market closed neutral, but overnight looks more bullish (PBT 5375), moving above previous value/range, so these're the opening and initial balance options for today:
