Stocks fell on the New York Stock Exchange (NYSE) on April 10, 2024, as new inflation data showed a continued rise, with the Dow falling over 400 points. However, stock futures were near the flatline on Thursday night as traders awaited the release of corporate earnings from major U.S. banks.
Dow Jones Industrial Average futures rose by 18 points, or 0.05%, while S&P 500 futures and Nasdaq 100 futures remained little changed. This comes after a rebound for the S&P 500 and Nasdaq Composite on Thursday, with tech shares leading the comeback from Wednesday’s sell-off fueled by inflation concerns. The Nasdaq gained 1.68% to close at a record high, while the S&P 500 advanced 0.74%. The Dow, however, posted its fourth straight losing day.
Apple was among the top performers on Thursday, jumping 4.3% after reports of plans to overhaul its Mac products with new artificial intelligence-focused chips. Nvidia also saw a 4.1% increase, and Amazon reached an all-time high before closing up 1.7%.
Looking ahead, the focus will be on the impact of artificial intelligence on the market, according to Thomas Martin, senior portfolio manager at Globalt Investments. He noted the divergence between the Nasdaq and the Dow, highlighting the importance of AI in driving market trends.
The first-quarter earnings season is set to kick off on Friday, with major U.S. financial institutions such as JPMorgan Chase, Wells Fargo, Citigroup, BlackRock, and State Street reporting earnings before the bell. This will provide further insight into the health of the economy and the outlook for the market.
