Futures inch up with Fed minutes, Nvidia results on tap for the week
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Futures inch up with Fed minutes, Nvidia results on tap for the week
(Reuters) - U.S. stock index futures edged higher on Monday, with Nvidia's quarterly results and the Federal Reserve's policy meeting minutes due this week likely to test Wall Street's record-breaking run.
The three major indexes marked their fourth straight week of gains on Friday, as upbeat corporate earnings and softer-than-expected inflation data supported hopes for interest rate cuts this year.
The benchmark S&P 500 (.SPX), opens new tab and the tech-heavy Nasdaq (.IXIC), opens new tab both touched all-time highs last week, with the blue-chip Dow (.DJI), opens new tab closing above the 40,000 level on Friday.
Deutsche Bank raised its year-end S&P 500 target to 5,500 from 5,100 points earlier, the highest among major brokerages, citing strength in corporate earnings.
Investors are keenly awaiting quarterly results from artificial intelligence (AI) chip leader Nvidia (NVDA.O), opens new tab and minutes of the Fed's latest monetary policy meeting, both scheduled for Wednesday.
Nvidia shares (NVDA.O), opens new tab rose 1.3% premarket, with at least three brokerages raising the stock's price target.
"The minutes will sound more hawkish on the margin than Chair Powell's press conference, as other members on the committee were more concerned than Powell about whether policy was doing enough," analysts at Bank of America said in a note.
With few clues so far from Fed officials on the timing for rate cuts, investors will parse remarks from rate-setters including Raphael Bostic, Michael Barr, Christopher Waller and Philip Jefferson during the day.
But what kind of scale would you have to do this at to make a difference in the melting of the ice?
