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The
S&P 500 and Nasdaq rallied to fresh 14-month highs on Thursday
as a slew of economic data pointed to cooling inflation and
outweighed concerns about further interest rate hikes that the
Fed forecast on Wednesday.
The U.S. central bank signaled borrowing costs could rise by as
much as half a percentage point by the end of this year but
traders are pricing in just one more 25-basis-point rate hike,
expected in July, as per CMEGroup's Fedwatch tool.
Microsoft edged 0.3% higher in premarket trading, a day after
its shares closed at an all-time high and the software giant
notched a record market value of $2.59 trillion.
Chipmaker Nvidia rose 1.4% after scaling new peaks on Thursday.
The main Wall Street indexes were on track for a strong weekly
showing, with the advance in megacap stocks including Nvidia and
Microsoft setting up the tech-heavy Nasdaq for its eighth
consecutive week of gains.
The University of Michigan's preliminary reading on consumer
sentiment, due at 10:00 a.m. ET, is expected to show the index
rose to 60 in June from 59.2 in May.
Meanwhile, a simultaneous expiration of stock options, stock
index futures and index options contracts on Friday, known as
triple witching, could cause a spike in market volatility.
At 6:10 a.m. ET, Dow e-minis were up 5 points, or 0.01%, S&P 500
e-minis were up 2.75 points, or 0.06%, and Nasdaq 100 e-minis
were up 14.5 points, or 0.09%.
Adobe Inc rose 3.4% as the Photoshop maker's earnings forecast
surpassed analyst estimates as efforts to drive up demand with
generative artificial intelligence (AI) integrations pay off.
Maker of Roomba vacuum cleaners iRobot Corp jumped 21.8% after
Britain's competition regulator cleared Amazon.com Inc's planned
$1.7 billion acquisition of the company.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Vinay
Dwivedi)
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