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US Stock Futures Steady, Inflation Data in Focus
US stock futures were mostly flat during late Thursday, August 28, trading after the S&P 500 hit a new record high, driven by renewed optimism about AI stocks.
Dow Jones Industrial Average futures fell 73 points, or 0.1%. S&P 500 futures fell 0.03%, and Nasdaq 100 futures fell 0.06%.
Investors also analyzed several companies' new earnings during extended trading. Ulta Beauty shares rose about 3% in after-hours trading following strong full-year forecasts, and Autodesk shares rose more than 11% on better-than-expected forecasts. Dell Technologies shares fell 5% following weak earnings forecasts for the current quarter.
This comes after stock indices saw a significant rise during the regular trading session, with the S&P 500 closing up 0.3% at 6,501.86 points, surpassing the 6,500-point barrier for the first time. Earlier in the session, the broad-based index hit an all-time daily high.
The Nasdaq Composite also rose 0.5% at the close, while the Dow Jones Industrial Average ended the day up about 0.2%, recording a new record close at 45,636.90 points.
Nvidia's better-than-expected quarterly results helped boost investor confidence in the booming artificial intelligence sector. Although the company's results initially raised some concerns related to the performance of the data center sector and revenues that were only slightly above expectations for the current quarter, the report helped lift shares of rival chip companies, which had initially been declining. By the end of the session, Nvidia's stock closed down less than 1%.
