RIVN - NASDAQ Futures Creep Higher
Stock futures were mixed Wednesday morning after the S&P 500 rebounded from a rough start to the week.
Futures for the Dow Jones Industrials slumped 73 points, or 0.2%, to 39,453.
Futures for the S&P 500 dipped 2.25 points at 5,534.75.
Futures for the NASDAQ Composite gained 15.75 points, or 0.1% to 17,988.
FedEx popped 14% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Rivian Automotive soared 40% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.
Nvidia rose more than 2% in premarket trading Wednesday after climbing 7% on Tuesday, its first positive day in four. The artificial intelligence chipmaker's $3.1 trillion market value has come to dominate the cap-weighted S&P 500, and its 154% surge in 2024 has raised concerns that most other stocks are failing to participate in this year's rally.
Citi hiked its price target on Nvidia on Wednesday, forecasting 19% potential upside over the next year. The investment bank cited increased earnings expectations and more demand as AI adoption rises.
In Japan, the Nikkei 225 gained 1.3% Wednesday, while the Hang Seng in Hong Kong nicked up 0.1%.
Oil prices picked up 50 cents to $81.33 U.S. a barrel.
Gold prices flopped $4.50 to $2,326.30 U.S. an ounce.