Stock Market News Today, 6/6/24 – Futures Steady After a Strong Session

U.S. futures were steady on Thursday morning following a strong trading session yesterday. Both the S&P 500 (SPX) and Nasdaq Composite indices hit a new record high, buoyed by a 5.2% rally in artificial intelligence major Nvidia (NVDA). Futures on the Nasdaq 100 (NDX) and the S&P 500 were up by about 0.12%, and 0.03%, respectively, at 4:26 a.m. EST, June 6, while the Dow Jones Industrial Average (DJIA) was down by 0.05%.

On Wednesday, all three major indices – the Nasdaq, the S&P 500, and the Dow Jones – closed higher by 1.96%, 1.18%, and 0.25%, respectively. The rally was driven by positive market sentiment about Nvidia’s upcoming stock split. Importantly, NVDA surpassed a $3 trillion market cap and overtook Apple (AAPL) to become the world’s second-most valuable company.

In major after-hours action, Luluemon (LULU) stock jumped 10% on better-than-expected Q1 results. However, Five Below (FIVE) declined by about 15% after the release of disappointing Q1 results and a guidance cut.

In today’s economic calendar, Initial Jobless Claims data for the week ended May 31 is scheduled for release. Coming to corporate earnings, J.M. Smucker (SJM), Nio (NIO), Ciena (CIEN), DocuSign (DOCU), and Braze (BRZE) are some of the companies that will report their quarterly numbers.

Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.31%. At the same time, WTI crude oil futures trended higher, hovering near $74.82 per barrel as of the last check.

Elsewhere, European markets opened higher today due to increased expectations of the European Central Bank (ECB) cutting interest rates for the first time since September 2019.

Asia Pacific Markets Traded Mixed on Thursday

Asia-Pacific indices closed mixed today as investors prepared for the ECB’s interest rate decision, due today.

Hong Kong’s Hang Seng index was up 0.28%. At the same time, Japan’s Nikkei and Topix indices finished higher by 0.55% and 0.33%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices traded lower by 0.54% and 0.57%, respectively.

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