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Nvidia Corp surged 9.6% in premarket trading after the chip
designer forecast quarterly sales above estimates and reported a
surge in the use of its chips to power artificial intelligence
services, such as chatbots.
Shares of Broadcom Inc, Qualcomm Inc, Intel Corp and Advanced
Micro Devices Inc rose between 1.7% and 3.9%.
At 07:21 a.m. ET, Dow e-minis were up 99 points, or 0.3%, S&P
500 e-minis were up 21 points, or 0.53%, and Nasdaq 100 e-minis
were up 112.5 points, or 0.93%.
The benchmark S&P 500 closed lower on Wednesday after minutes
from the central bank's Jan. 31-Feb. 1 meeting showed nearly all
policymakers supported more rate hikes but agreed that the shift
to smaller-sized hikes would let them calibrate better with
incoming data.
After a strong January, stock markets have run into a volatile
patch as evidence of inflation running above the Fed's 2%
target, a resilient economy and hawkish commentary by central
bank officials fanned concerns about further rate hikes.
Those concerns will be at the back of traders' minds as they
peruse remarks from Atlanta Fed President Raphael Bostic and San
Francisco Fed President Mary Daly later in the day.
The second reading of fourth-quarter gross domestic product
(GDP) and weekly jobless claims data are also due.
Analysts polled by Reuters predict a correction within the next
three months even though they expect the S&P 500 to climb 5% by
year-end.
Among stock, eBay Inc slid 5.2% after warning of dour demand in
the first half of 2023 due to strained consumer spending
domestically and in Europe.
(Reporting by Johann M Cherian in Bengaluru; Editing by Savio
D'Souza)
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