Stock market futures were stable early Friday as investors eagerly awaited the February jobs report. The Dow Jones, S&P 500, and Nasdaq futures showed no major changes, following a strong rally on Thursday that saw the S&P 500 and Nasdaq hitting fresh all-time highs.
Leading the rally was chip giant Nvidia, which saw its stock price surge, along with other chip stocks like Taiwan Semiconductor, Broadcom, and Marvell. Companies like Monolithic Power and Microchip Technology also showed positive signs on Thursday.
After the market closed on Thursday, key earnings reports were released from companies like Broadcom, Marvell, Costco, Gap, MongoDB, Samsara, and DocuSign. Taiwan Semiconductor reported positive sales growth for February, which further boosted chip stocks.
However, not all news was positive. The FDA announced a delay in its decision on Eli Lilly’s Alzheimer drug.
Investors are keeping a close eye on the February jobs report, which is expected to show a solid increase in nonfarm payrolls. Despite this, Dow futures, S&P 500 futures, and Nasdaq futures were slightly down, with the 10-year Treasury yield at 4.07%.
Market sentiment remains bullish but cautious, as stocks like Nvidia are nearing $1,000 per share and the Nasdaq is already extended. Investors are advised to exercise caution in the current market environment.
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