S&P and Nasdaq futures climb as Nvidia stretches rally

📈 Nasdaq and S&P 500 futures rose a lot on Thursday because Nvidia continued to do well. Investors, who were back from the Juneteenth holiday, were waiting for economic data and comments from Federal Reserve officials to decide if interest rates might be cut this year.

Nvidia went up 3.4% before the market opened. It's now the most valuable company in the world, worth $3.335 trillion. Nvidia's powerful processors are in high demand for artificial intelligence technology.

David Morrison, a senior market analyst, said Nvidia stands out because its stock price has a big impact on overall market performance, even though only a few companies are driving the market up.

Other technology stocks like AMD, Marvell, Micron, and Arm Holdings also rose between 1% and 2.4%.

Today, investors are watching for more economic data, including housing numbers for May, jobless claims for last week, and the Philly Fed Business Index.

Federal Reserve officials like Neel Kashkari, Thomas Barkin, and Mary Daly will also speak today, and investors will listen closely for any hints about future interest rate changes.

Currently, the likelihood of a rate cut in September is about 59.6%, according to financial market data.

Interest rates on government bonds, which show expectations about future rates, went up slightly this morning.

As of 7:18 a.m. ET, Dow futures were up 33 points, S&P 500 futures were up 22.25 points, and Nasdaq 100 futures were up 120.75 points.

In other news, Dell Technologies and Super Micro Computer went up 3.1% and 4.7% respectively, after Elon Musk said they would supply server racks for his startup's supercomputer.