"Dow futures are up another 68 points to 47,963 and Nasdaq futures are up 123 points to 26,284. And all could easily push even higher, as markets wait for the Federal Reserve's decision later today. "Markets are assigning a nearly 100% probability that the Federal Open Market Committee will approve a second consecutive quarter percentage point, or 25 basis point, reduction in the federal funds rate. The overnight lending benchmark is currently targeted between 4%-4.25%," says CNBC."
"Helping, Nvidia ( NASDAQ: NVDA) is up another $7.77 on news it expects to see $500 billion in AI chip sales. It added that it will partner with the U.S. Department of Energy to build seven new supercomputers. Plus, it said it was taking a $1 billion stake in Nokia ( NYSE: NOK). The two will work together in a strategic partnership to develop next-generation 6G technology."
Markets moved sharply higher with S&P 500, Dow and Nasdaq futures rising significantly in pre-market trade. Traders priced in nearly a 100% probability of a 25 basis-point Federal Reserve rate cut, with the federal funds target currently 4%-4.25%. Nvidia rallied after projecting $500 billion in AI chip sales and announcing a partnership with the U.S. Department of Energy to build seven new supercomputers. Nvidia also disclosed a $1 billion stake in Nokia to pursue next-generation 6G technology. President Trump plans to discuss Nvidia's Blackwell AI chips with Chinese leader Xi Jinping. Wells Fargo signaled bullishness on utility stocks gaining from AI developments.
Read at 24/7 Wall St.
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