Stock Market Today: Stocks extend run; Nvidia, Apple, Amazon active

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U.S. equity futures bumped higher Wednesday. putting the S&P 500 on pace for its longest winning streak of the year, as investors key on rate cut signals from the Federal Reserve and look to the start of the second quarter earnings season later in the week. 

Stocks ended higher again Tuesday, with the S&P 500 notching its thirty-sixth record closing high of the year to extend its 2024 gain to just under 17%. 

The tech-focused Nasdaq, riding a rebound in Nvidia  (NVDA)  and another record high close for Apple  (AAPL) , also hit an all-time peak to take its year-to-date gain past 22.7%.

Related: Top Wall Street analyst issues stark warning for stocks

Both benchmarks were also helped by lower Treasury bond yields, which continue to trade at multi-month lows following the first day of testimony on Capitol Hill from Fed Chairman Jerome Powell.

Powell, who will also face questions from the House Financial Services Committee later today, told the Senate Banking Committee that while he did not want to signal the Fed’s next rate move, “more good data would strengthen our confidence that inflation is moving sustainably toward 2%.”

Markets will focus on Fed Chair Jerome Powell’s second appearance on Capitol Hill this week as he takes questions from the House Financial Services Committee.

Scott Olson/Getty Images

That puts market focus squarely on tomorrow’s June CPI report, which is expected to show headline pressures easing to an annual rate of 3.1%, the lowest in a year, with core inflation holding at 3.4%.

Graph depicting annual % change in CPI

Y charts

The CME Group’s FedWatch pegs the odds of a July rate move at just 5%, but sees the odds of a September reduction, the first rate move since July of last year, at around 73.3%.

That has benchmark 2-year notes trading at a three-month low of 4.620% heading into the start of the New York session, with 10-year notes pegged at 4.276% ahead of a $39 billion benchmark auction later in the day.

Related: Analyst resets Nvidia stock price target in chip-sector overhaul

On Wall Street, futures contracts tied to the S&P 500 suggest an 11 point opening bell gain, while those linked to the Dow Jones Industrial Average are priced for a 3 point dip.

The Nasdaq, which is up nearly 4% for the month, is priced to add 65 points to last night’s record close.

Nvidia shares were the markets most-active stock in premarket trading, rising nearly 1% to $132.62 each, while Apple extended its recent run of gains to rise 0.2% to $229.13 each.

Amazon  (AMZN)  shares, meanwhile, were up 0.4% after founder Jeff Bezos sold another $863.4 million worth of stock in the retail and web services giant, taking his overall sales for the year to just under $10 billion. 

More Wall Street Analysts:

  • Analyst revisits Nvidia stock price target after Blackwell checks
  • Analysts prescribe new Walgreens stock price targets after earnings
  • Analyst revises Facebook parent stock price target in AI arms race

In overseas markets, Europe’s Stoxx 600 was marked 0.61% higher in Frankfurt, with Britain’s FTSE 100 rising 0.58% in London.

Overnight in Asia, Japan’s Nikkei 225 hit another all-time high, rising 0.61% to 41,831.99 points, while the regional MSCI ex-Japan benchmark slipped 0.1% into the close of trading. 

Related: Veteran fund manager sees world of pain coming for stocks

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