US stock futures held steady on Tuesday as cautious investors weighed Nvidia’s (NVDA) big AI plans and puzzled over tariff prospects, with fresh jobs data on deck.
Contracts on the S&P 500 (ES=F) were up 0.1%, holding near tech-fueled prior-session gains. Dow Jones Industrial Average futures (YM=F) inched higher by 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) hovered around the flatline.
Buzz around Nvidia CEO Jensen Huang’s CES keynote is providing a bright spot for markets used to moving tentatively amid uncertainty around policy from the incoming Trump administration.
Shares in Nvidia rose over 2% in pre-market, coming off hitting a record high close, after Huang revealed a new AI superchip among other planned products. Chip stocks extended their rally in its wake, with Micron Technology (MU) up over 5% and Asia names making gains.
At the same time, the watch is on for more clarity around Donald Trump’s tariff agenda. The president-elect on Monday denied a Washington Post report that his team is considering more targeted measures — which would be more promising for global growth. The dollar (DX-Y.NYB) continued to come under pressure, having sunk to one-week lows.
An update on JOLTS job openings in November later in the day will feed into the debate over the path of interest rates, as well as setting the stage for Friday’s all-important December jobs report. In recent days, Fed officials have signaled they would take a more gradual approach to cuts, given resilience in the jobs market and persistent inflation. A reading on US services activity is also on the docket.
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Live stock market coverage for Tuesday, January 7, 2025.
