Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
(NYSE)
on
April
10,
2024
in
New
York
City.
As
new
inflation
data
released
today
showed
a
continued
rise,
stocks
fell
across
the
board
with
the
Dow
falling
over
400
points.
Spencer
Platt
|
Getty
Images
Stock
futures
flickered
near
the
flatline
on
Thursday
night
as
traders
looked
ahead
to
the
release
of
corporate
earnings
from
major
U.S.
banks.
Dow
Jones
Industrial
Average
futures
rose
by
18
points,
or
0.05%.
S&P
500
futures
and
Nasdaq
100
futures
were
little
changed.
The
action
follows
a
sharp
rebound
for
the
S&P
500
and
the
Nasdaq
Composite
as
tech
shares
led
a
comeback
from
Wednesday’s
inflation-fueled
sell-off.
On
Thursday,
Nasdaq
gained
1.68%
to
close
at
a
record,
while
the
S&P
500
advanced
0.74%.
The
30-stock
Dow
inched
lower
by
0.01%,
posting
its
fourth
straight
losing
day.
Apple
was
among
the
Magnificent
Seven
names
rallying
Thursday.
The
iPhone
maker
jumped
4.3%
after
Bloomberg
News
reported
the
company’s
plans
to
overhaul
its
Mac
products
with
new
artificial
intelligence-focused
chips.
Apple
had
its
best
day
since
May
2023.
AI
darling
Nvidia
also
popped
4.1%,
and
Amazon
leapt
to
an
all-time
high
before
closing
up
1.7%.
Going
forward,
the
AI
tail
wind
will
be
key
in
determining
which
stocks
lead
the
current
bull
run,
said
Thomas
Martin,
senior
portfolio
manager
at
Globalt
Investments.
“Today’s
divergence
between
the
Nasdaq
and
the
Dow
is
pretty
telling
…
it
is
still
a
bifurcated
market
with
things
being
driven
by
AI.”
he
told
CNBC.
“That’s
what
you’re
looking
for
going
forward,
that’s
what
you
have
to
have
to
be
sustainable.”
Thursday’s
tech-centric
rally
curtailed
the
S&P
500’s
weekly
losses,
as
it’s
now
down
0.1%
for
the
period.
The
Nasdaq
is
on
pace
to
close
the
week
1.2%
higher.
The
Dow
is
the
underperformer,
pacing
for
a
1.1%
decline
week
to
date.
The
first-quarter
earnings
season
kicks
off
in
earnest
Friday,
with
a
slew
of
major
U.S.
financial
institutions
set
to
report
earnings
before
the
bell.
These
include
JPMorgan
Chase,
Wells
Fargo,
Citigroup,
BlackRock
and
State
Street.
