In the Tuesday twilight, U.S. stock index futures held their ground after Nvidia’s star performance sent the Nasdaq to new heights. Investors are now eyeing upcoming inflation data and interest rate hints with bated breath.
NVIDIA Corporation (NASDAQ kept the momentum going in after-hours trading, building on a 7% surge during the session thanks to the AI frenzy. The tech giant is inching closer to overtaking Apple Inc (NASDAQ) as Wall Street’s second-largest company.
Yet, Wall Street futures didn’t bask in Nvidia’s glow. Broader markets stayed cautious amidst uncertainty over U.S. interest rate moves.
S&P 500 Futures dipped 0.1% to 5,321.50 points, Nasdaq 100 Futures remained steady at 18,939.75 points, and Dow Jones Futures also fell 0.1% to 39,898.0 points by 19:13 ET (23:13 GMT).
Nvidia rockets Nasdaq to new zenith, but general sentiment remains tepid Nvidia’s rally catapulted the NASDAQ Composite up 0.6% to a record 17,019.88 points, fueled by AI excitement, particularly after Tesla Inc (NASDAQ
Despite Nvidia’s boost helping the S&P 500 nudge higher, the index stayed far from its recent peaks. Meanwhile, the Dow Jones Industrial Average, typically more sensitive to economic shifts, slid 0.6% to 38,852.86 points.
Rate anxiety escalates amid hawkish Fed talk and PCE anticipation The broader U.S. market was largely restrained, awaiting critical inflation data later in the week. The PCE price index, the Federal Reserve’s favored inflation metric, is due Friday and will likely influence the Fed’s interest rate decisions.
Adding to the tension, Fed officials kept up their hawkish rhetoric. Minneapolis Fed President Neel Kashkari stated on Tuesday that rate hikes remain on the table if inflation persists.
More insights are expected from New York Fed President John Williams and Cleveland Fed President Loretta Mester before Friday’s PCE release.
In the meantime, the Fed’s Beige Book report is scheduled for Wednesday, with a revised first-quarter economic growth reading due Thursday.
Afterhours highlights: American Airlines nosedives, Robinhood takes flight Post-market action saw American Airlines Group (NASDAQ.
Merck Eyes Eyebiotech in $1.3 Billion Deal, With Potential $1.7 Billion Bonus
Merck & Co is on the brink of a $1.3 billion cash splash to acquire Eyebiotech, a biotech firm specializing in ophthalmology, with an extra $1.7 billion in milestone payments potentially on the table, according to the Wall Street Journal on Tuesday.
The ink might dry on this deal as soon as Wednesday, insiders whispered.
While Merck played the silent game and Eyebiotech refused to blink, the scoop is out.
Eyebiotech, a transatlantic firm with roots in the U.S. and the UK, is tackling vision-threatening diseases. Their star pupil, Restoret, is in the clinical spotlight, targeting retinal diseases that cause vision impairment.
Back in February, Merck revealed its shopping spree ambitions, eyeing deals up to $15 billion to counteract looming revenue losses from Keytruda, their blockbuster cancer immunotherapy.
Keytruda raked in $25 billion in 2023 and is expected to surpass $30 billion by 2026, but its patent will expire by decade’s end, leaving Merck to seek new horizons.
Investing on a Wednesday is like going to a midweek dance party: the market’s shaking off the early-week blues and gearing up for the weekend revelry. It’s that sweet spot where you can gauge the mood of the trading floor – has Monday’s panic buying settled, and has Tuesday’s trend-surfing mellowed out? You get to swoop in, grab some midweek bargains, and ride the wave before the Friday frenzy hits. Think of it as your chance to play the stock market DJ, dropping those savvy beats and watching the market move to your rhythm.