Stock market today: live updates

Traders on the floor of the New York Stock Exchange.

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S&P 500 futures are slightly below flats Thursday night as investors waited for signs of progress in debt ceiling negotiations and a raft of economic data that could provide insight into the inflation path.

Futures connected to the broad index fell 0.1%, while Nasdaq-100 futures were almost slightly below the flat level. Futures linked to the Dow Jones Industrial Average lost 34 points, or 0.1%.

The corporate earnings season is coming to an end, but a handful of stocks moved in response to their post-bell reports. Retailer Gap and semiconductor stocks Marvell Technology rose more than 14% and 17% respectively in extended trading, while Ulta Beauty plunged more than 8%.

The Nasdaq Composite rose 1.7% during Thursday’s session after stronger-than-expected revenue expectations and a profit decline from Nvidia sparked a rally in semiconductor and artificial intelligence stocks and other technology names. Nvidia shares rose 24.4% in the session, finishing at an all-time high.

The S&P 500 ended up 0.9%, while the Dow fell 0.1%, partly due to a drop of about 5.5% in Intel. Elsewhere, Best Buy shares rose more than 3% as investors cheered for earnings stronger than Wall Street had expected, despite management’s warnings that shoppers are engaging in recessionary behavior.

On a weekly basis, the Dow and S&P 500 are on course for losses, close to 2% and about 1% respectively. The Nasdaq has a small gain of 0.3%.

Investors continue to look for updates on the state of debt ceiling negotiations, with the possibility of default as early as June 1, according to statements by Treasury Secretary Janet Yellen. Progress was made Thursday between congressional leaders and President Joe Biden, according to a Reuters report, which required stakeholders to agree on just $70 billion in spending.

“As the market welcomes NVIDIA’s earnings report and outlook, plus a positive report from Main Street’s iconic Best Buy, the headlines pointing to a debt ceiling resolution may finally help build broader underpinnings for the market. raise,” said Quincy Krosby, chief global strategist at LPL Financial.

Investors will look forward to a series of new economic data on Friday, with a specific focus on personal consumer spending given its association with the inflation path. Data on personal income, consumer spending and sentiment, and durable goods are also expected tomorrow morning.

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