US equity futures showed mixed momentum on Thursday, with the Dow Jones Industrial Average down 0.2% at the open, the S&P 500 up 0.2%, and the tech-heavy Nasdaq 100 gaining 0.7%. The gains followed Nvidia’s premarket surge of 8%, driven by an upbeat outlook that lifted semiconductor stocks and broader tech sentiment.
The Nasdaq 100 was expected to reclaim its 50-day moving average, a technical level seen as a gauge of medium-term trends, while the Dow remained under modest pressure. Market focus remained squarely on the annual Jackson Hole symposium, where Federal Reserve Chair Kevin Warsh is scheduled to deliver remarks on Friday. The timing adds weight to the session’s cautious tone, as investors parse incoming data for clues on the central bank’s policy path.
The latest US inflation reading—the Personal Consumption Expenditures (PCE) price index—remained above the Fed’s 2% target, reinforcing expectations for a potential September rate hike. The index’s latest print, released the day prior, showed inflation running at 2.5% year-on-year, while personal income growth unexpectedly accelerated, further complicating the Fed’s decision calculus.
Nvidia’s stock jumped 5.9% in premarket trading after the chipmaker reported quarterly results that exceeded expectations. Analyst Stacy Rasgon of Bernstein upgraded the stock to a $400 price target, citing stronger-than-anticipated growth targets for fiscal 2027/28. The stock, which traded around $11 in 2022, now reflects expectations of nearly doubling from current levels. The company’s AI leadership and expanding ecosystem continue to drive investor confidence, even as broader questions persist about the sustainability of AI-related capital expenditures.
Salesforce shares rose 10% premarket after the software giant issued upbeat guidance tied to its AI tool, Agentforce. The company projected third-quarter revenue growth of up to 12% year-on-year, reaching $11.42 billion to $11.5 billion, surpassing the average analyst estimate. CEO Marc Benioff emphasized the tool’s role in accelerating customer adoption and revenue expansion. Cybersecurity peers CrowdStrike and Okta also contributed to sector gains, with Okta surging as much as 21%.
In Europe, the Swiss Market Index (SMI) fell 1.2% to 14,419 points, weighed down by heavyweight decliners including Givaudan, which dropped 3.6% after Morgan Stanley downgraded the stock to Underweight. The bank cited weaker fragrance demand and limited margin expansion potential, prompting profit-taking after a 7% rise over the prior six sessions.
Oil prices edged higher, with Brent crude rising nearly 1% to $88.60 per barrel, following earlier pressure. The move came as geopolitical tensions in the Middle East persisted, with Iran condemning recent US sanctions as economic terrorism in a letter to the United Nations. Brent prices have since retreated toward $87 per barrel.
The Swiss franc strengthened against major peers, adding to the headwinds for Swiss exporters. The currency’s appreciation, combined with cautious investor sentiment ahead of Jackson Hole, contributed to the SMI’s session low. The broader SPI index declined 0.7% to 20,296 points.
