U.S. stock futures rose on Thursday as Nvidia’s upbeat outlook lifted semiconductor shares, offsetting caution ahead of the Federal Reserve’s annual Jackson Hole symposium. The Nasdaq 100 was set to extend gains above its 50-day moving average, while the Dow Jones Industrial Average was expected to edge lower.
Nvidia’s premarket surge of nearly 8% extended gains across the tech sector, with futures on the Nasdaq 100 up 1.0% and the S&P 500 up 0.44%. The chipmaker’s strong guidance, particularly for fiscal 2027/28, prompted Bernstein analyst Stacy Rasgon to raise his price target to $400, implying nearly double the current share price. Nvidia’s stock traded around $11 in 2022.
Salesforce also advanced 10% in premarket trading after reporting stronger-than-expected revenue guidance for the third quarter. The company projected sales of $11.42 billion to $11.5 billion, a 12% year-over-year increase, surpassing analyst expectations. Its AI tool Agentforce was cited as a key driver of growth.
Cybersecurity firms CrowdStrike and Okta contributed to the positive momentum, with Okta rallying as much as 21%. The sector’s gains contrasted with broader market caution as investors awaited signals on U.S. interest-rate policy from the Jackson Hole symposium.
The Swiss Market Index (SMI) fell 0.9% to 14,419 points, pressured by declines in heavyweights Nestlé (-1.6%), Novartis (-1.1%) and Roche (-0.8%). Nestlé’s shares have retreated from a July high of 87.09 francs, while Zürcher Kantonalbank downgraded its rating to market weight from overweight. ABB (+0.7%) was among the few SMI components to rise, supported by Nvidia’s results.
Elsewhere, Givaudan dropped 3.6% after Morgan Stanley downgraded the stock to underweight, citing weaker-than-expected fragrance performance and limited margin expansion. Kühne+Nagel fell 2.7% following reports of a U.S. investigation into its Singapore-based subsidiary Apex over alleged illegal shipments of Nvidia AI chips to China.
Investors are closely monitoring the Jackson Hole symposium, where Fed Chair Kevin Warsh is scheduled to speak on Friday. The focus comes after the latest U.S. personal consumption expenditures (PCE) inflation data exceeded the Fed’s 2% target, keeping September rate-hike expectations in play. Brent crude oil traded near $87 per barrel, down from recent highs above $90, as geopolitical tensions in the Middle East persisted.
In individual Swiss equities, Gurit surged 10% to 39.00 francs, its highest level since early July, while Accelleron and Feintool rose 2.4% and 4.6%, respectively.
