U.S. stock index futures remained relatively steady in evening trading on Tuesday, with technology stocks showing persistent strength. This trend was particularly evident ahead of the eagerly awaited earnings release from market favorite Nvidia, as Wall Street teetered near new highs. S&P 500 Futures held firm at 5,346.50 points, while Nasdaq 100 Futures edged up to 18,811.75 points by 19:13 ET (23:13 GMT). Dow Jones Futures also inched higher to 40,016.00 points.
Fed Minutes Awaited for Interest Rate Insights
All eyes were on the Federal Reserve’s late-April meeting minutes, set to be disclosed during Wednesday’s session. Investors were eagerly awaiting more clues on interest rates, following the central bank’s decision to keep rates unchanged. Despite warning signals about sticky inflation, the Fed had hinted at the possibility of rate cuts later in the year, a notion that market participants had embraced. However, some Fed officials stressed the need for more assurance that inflationary pressures were abating before contemplating rate adjustments, while also downplaying concerns about rate hikes. The upcoming days are likely to feature further discussions from Fed representatives, with market consensus pointing towards potential rate cuts in September.
Record-Breaking Session for Wall Street
On Tuesday, Wall Street indexes marginally advanced, mainly driven by the technology sector as investors awaited the highly anticipated earnings report from NVIDIA Corporation (NASDAQ:NVDA). Nvidia, a prominent player in the artificial intelligence industry, is predicted to exhibit substantial earnings growth due to escalating demand. The chipmaker holds a significant position in providing cutting-edge AI chips, attracting attention from tech giants exploring AI applications. The market’s optimism surrounding Nvidia’s financial performance led to increased investment in technology shares, resulting in the S&P 500 closing at a record-high of 5,321.41 points, and the NASDAQ Composite reaching a record-high of 16,832.62 points.