U.S. equity futures pointed to a mixed open on Thursday as investors digested Nvidia's upbeat guidance, which lifted the Nasdaq 100 Composite above its 50-day moving average, a widely watched technical level.
The technology-heavy index was projected to gain 0.9% to 29,493 points, according to broker IG, with intraday highs reaching 29,662. The Dow Jones Industrial Average, by contrast, was expected to edge down 0.1% to 53,434, reflecting limited upside ahead of the Federal Reserve's annual Jackson Hole symposium.
Nvidia's pre-market surge of roughly 8% led broad gains in chipmakers, as the AI leader's fiscal 2028 revenue outlook more than doubled prior consensus estimates. Analysts at Bernstein upgraded Nvidia to a bullish stance, raising their price target to $400 per share—implying nearly 100% upside from Wednesday's close of $202. The stock traded near $200 in 2022.
The positive momentum extended to related software and cybersecurity names. Salesforce, a rival to SAP in enterprise software, rose on reports of strong adoption of its Agentforce AI tool, which helped dispel earlier concerns about a slowdown in software spending. Cybersecurity firms CrowdStrike and Okta also advanced, with Okta up as much as 21% in early trading.
Investor focus remains on the Jackson Hole Economic Policy Symposium, where Fed Chair Kevin Warsh is scheduled to speak on Friday. Recent data showed the core Personal Consumption Expenditures (PCE) price index—considered the Fed's preferred inflation gauge—rose above the central bank's 2% target in July, complicating the outlook for September policy decisions. Markets are pricing nearly even odds of a rate hike, leaving the outcome highly uncertain.
Jürgen Molnar, capital markets expert at Robomarkets, described Nvidia's results as a strong validation of AI investment cycles. "Nvidia has delivered and is shifting into an even higher gear," he said. "But the real stage is Jackson Hole. The symposium has often served as a platform for pivotal monetary policy signals."
Analysts noted that Nvidia's guidance not only exceeded expectations but also signaled accelerating growth into fiscal 2028, reinforcing its role as a bellwether for AI infrastructure demand. The company's leadership in AI chips has drawn comparisons to historical tech cycles, with Bernstein's Stacy Rasgon calling Nvidia a "titan" whose trajectory continues to redefine market expectations.
