Global Equity Markets

The S&P 500 and Nasdaq Composite jumped Thursday as investors cheered the latest quarterly results from Nvidia, fueling a rally in technology stocks. Those moves also came as U.S. debt ceiling talks appeared to progress. The tech-heavy Nasdaq popped 1.71% to settle at 12,698.09, and the S&P 500 climbed 0.88% to finish at 4,151.28. The Dow Jones Industrial Average dipped 35.27 points, or 0.11%, to end at 32,764.65 and close below its 200-day moving average. Nvidia shares surged 24.4% a day after the company posted stronger-than-expected revenue guidance, and reported beats on the top and bottom lines in the recent quarter. Exploding demand for Nvidia chips used in artificial intelligence underpinned the quarterly beat. Several analysts covering Nvidia hiked their price targets on the stock following the results. Nvidia’s surge brought the chipmaker within striking distance of a $1 trillion market capitalization. Other semiconductor stocks and artificial intelligence names follow...

  Dow Jones futures were little changed early Thursday, along with S&P 500 futures and Nasdaq futures. Synopsys (SNPS) and Cisco Systems (CSCO) reported late Wednesday with Walmart (WMT). Alibaba (BABA) out before the market open. X The stock market rally bounced back Wednesday on optimism that President Joe Biden and Congress will reach a deal to raise the debt ceiling. The Nasdaq hit a fresh 2023 high while the Dow Jones moved back above its 50-day line after reaching a key level. Several stocks broke out or flashed buy signals Wednesday, including Broadcom (AVGO), ServiceNow (NOW), New Relic (NEWR), Taiwan Semiconductor (TSM), Royal Caribbean (RCL) and Darden Restaurants (DRI). Those reflect areas of market strength: chips, software, travel and restaurants. Dow Jones Futures Today Dow Jones futures were just below fair value, with CSCO stock and Walmart both Dow components. S&P 500 futures advanced 0.1% and Nasdaq 100 futures climbed 0.2%. The 10-year Treasury yield rose...

The Dow Jones Industrial Average gained 409 points, or 1.2%, the S&P 500 rose 1.2%, and the Nasdaq Composite was up 1.3%. All three indexes had their best day since May 5, according to Dow Jones Market Data. Earlier in the day, President Joe Biden said he was confident that he and congressional leaders would avoid a default. “President Biden and Speaker McCarthy continue to spar in the headlines, but we are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order,” wrote Thomas Simons, a U.S. economist at Jefferies. “Given the June 1 x-date warnings from Treasury and the time it takes for the legislative process to play out, we could see an announcement of a framework as soon as Sunday when Biden returns from his trip to Japan for the G-7 meetings,” Simons added. Regional banks also saw gains Wednesday after Western Alliance Bancorp (WAL) said its deposits had grown in the current quarter.  

  U.S. stock futures were flat on Thursday morning as Wall Street hoped that the debt ceiling crisis would soon see a resolution.  Dow Jones Industrial Average futures  slipped by 49 points, or 0.15%. Futures linked to the S&P 500  and Nasdaq 100  futures declined by 0.07% and 0.01%, respectively.   The major averages all ended Wednesday’s regular session higher. The Dow gained more than 400 points. The S&P 500  rose 1.19%, and the Nasdaq Composite  advanced 1.28%. A rebound in regional bank shares also contributed to Wednesday’s rally. The SPDR S&P Regional Bank ETF (KRE) jumped more than 7%, while Western Alliance shares surged more than 10%. Investors’ sentiment seemed to rise after Washington leaders indicated that they are moving forward on debt ceiling talks. House Speaker Kevin McCarthy told CNBC’s “Squawk Box” on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later ...