The Nasdaq and S&P 500 were set to surge on Thursday after Nvidia's blockbuster earnings lit a fire under optimism that the AI rally has more room to run, eclipsing rate-hike worries for now. Futures on the tech-heavy Nasdaq 100 jumped roughly 0.9%, while S&P 500 futures rose 0.5%. Contracts on the Dow Jones Industrial Average , which includes fewer tech stocks, were little changed.
The Nvidia euphoria helped the market set aside the interest rate hike concerns that fed the previous day's losses. Stocks had slipped after Federal Reserve minutes revealed some policymakers are open to keeping rates higher for longer this year if inflation doesn't cool as projected.
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