S&P 500 Futures Gain Ground In Premarket Trading

NVIDIA Stock Rallies After Strong Earnings Report

S&P 500 futures are moving higher in premarket trading as tech stocks get support after a strong quarterly report from NVIDIA. The company easily beat analyst estimates on both earnings and revenue, and its shares are up by more than 8% in premarket trading.

Other leading tech stocks like Apple, Alphabet, Meta Platforms and Tesla are also moving higher in premarket trading. S&P 500 remains close to all-time high levels, and strong performance from tech stocks with huge market capitalization may push the index to new highs.

Initial Jobless Claims Decline To 268,000

Traders have a chance to take a look at the latest job market data. Initial Jobless Claims report indicated that 268,000 Americans filed for unemployment benefits in a week compared to analyst consensus of 260,000.

Continuing Jobless Claims declined from 2.21 million (revised from 2.16 million) to 2.08 million compared to analyst consensus of 2.12 million.

The job market reports were mostly in line with the analyst consensus, and it remains to be seen whether they will have any impact on the stock market today.

WTI Oil Made An Attempt To Settle Below The $77 Level

WTI oil found itself under more pressure after Reuters reported that U.S. asked big oil consumers to release oil from their stockpiles in order to put pressure on prices.

According to the report, U.S. approached China, India, Japan, South Korea. China has already stated that it wanted to release some oil from its reserves although it was not clear whether this move will be done in coordination with U.S.

Not surprisingly, the market viewed the potential coordinated action as a negative catalyst for oil prices. However, WTI oil managed to find support near the $77 level and moved back towards $78.50 as it was not clear whether any potential move from U.S. and China will have a durable impact on the oil markets, while lower reserve levels may serve as a bullish catalyst in the future.

For a look at all of today’s economic events, check out our economic calendar.