Dow futures rise 85 pts; bullish Nvidia guidance boosts sentiment By

By Peter Nurse    

-- U.S. stocks are price markets uk official websiteseen opening higher Thursday, helped by positive earnings from chip giant Nvidia (NASDAQ:) ahead of the release of the latest reading of fourth-quarter growth.

At 07:00 ET (12:00 GMT), the contract was up 85 points, or 0.3%, traded 20 points, or 0.5% higher, and climbed 105 points, or 0.9%. 

The major averages had a mixed close Wednesday as investors digested the from the Federal Reserve policy-setting meeting earlier this month, seeking to determine the likely extent of future rate hikes.

The blue-chip fell almost 100 points, or 0.3%, and the broad-based dropped 0.2%, while the tech-heavy gained 0.1%.

The minutes revealed that most Fed policymakers wanted to slow the pace of hikes so they could read the incoming economic data, but they also all agreed on the need to go higher.

Additionally, the gathering came before January’s impressive report, not to mention robust and sticky numbers.

Most market watchers expect at least two more rate increases this spring, a quarter percentage point hike in March and another in May, and now quite possibly one in June, too.

There is another economic release for investors to absorb Thursday, with another reading of for the fourth quarter due out at 08:30 ET (13:30 GMT). This is expected to show a 2.9% increase over the third quarter, a slowing from the 3.2% growth seen in the prior quarter.

Sentiment has been boosted by upbeat guidance from Nvidia after hours Thursday, with the chipmaker predicting hefty demand for its high-performance chips amid a growing frenzy for the new generation of artificial intelligence tools. Its stock soared over 8% premarket.

Elsewhere, Etsy (NASDAQ:) stock rose over 5% premarket after the online crafts marketplace beat expectations as shoppers continued to buy clothes, jewelry, and home goods.

On the flip side, eBay (NASDAQ:) stock fell 5% after the e-commerce company warned that demand was set to slump in the first half of this year, after reporting a fall in holiday-quarter due to reduced consumer spending.

Lucid Group (NASDAQ:) stock fell 10% after the electric vehicle maker disappointed with its 2023 production guidance and reported a major drop in orders during the .

There are more earnings due early Thursday, including Wayfair (NYSE:) and Bath & Body Works (NYSE:). After the bell, investors will hear from the likes of Beyond Meat (NASDAQ:), Warner Bros Discovery (NASDAQ:), and (NYSE:).

Oil prices edged higher Thursday, finding some support after a lengthy losing streak on increasing concerns higher interest rates will limit economic activity and thus fuel demand.

Additionally, data from the showed U.S. oil stocks rose almost 10 million barrels last week, prompting investor worries about demand at the world’s largest consumer. Inventories have now climbed every week since mid-December.

The official weekly inventory numbers from the are due later in the session.

By 07:00 ET, futures traded 1.2% higher at $74.87 a barrel, after dropping for six consecutive days, while the contract rose 1.2% to $81.55. 

Additionally, fell 0.5% to $1,832.45/oz, while traded 0.1% lower at 1.0597.

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