S&P 500 futures are little changed after index briefly tops 5,500: Live updates
NYSE
S&P 500 futures hovered near the flatline Thursday night after the broad market benchmark briefly climbed above 5,500 for the first time.
S&P 500 futures inched higher by 0.03%, while futures tied to the Dow Jones Industrial Average added 3 points, or 0.01%. Nasdaq 100 futures advanced 0.1%.
In Thursday's regular session, the S&P 500 closed 0.25% lower. At its highs of the day, the broad market index was up by as much as 0.34%, reaching 5,505.53. The Nasdaq Composite fell 0.79%, also after hitting an all-time high earlier in the day. The 30-stock Dow was the outlier of the three major averages, rising nearly 300 points, or 0.77%, for its best day this month.
Nvidia fell 3.5% on Thursday, leading the information technology sector to drop 1.6%. Nonetheless, the chipmaker is still up more than 160% year to date, and it briefly beat Microsoft as the most valuable public company on Tuesday.
While some signs of an overextended market are appearing, it isn't clear yet whether the market has reached its limits on the artificial intelligence-fueled rally — which can't continue its "meteoric rise," said Jamie Cox, managing partner at Harris Financial Group.
"The good news is, reality does not mean markets crashing or having these big, massive draw downs," he said. "It's more of a rebalancing of the field a little bit, because the valuations of those companies have just gotten so far afield from the average stock that you probably would see some broadening, which has been long talked about."
As of Thursday's close all three major averages are on pace for weekly gains. The S&P 500 is tracking for a roughly 0.8% advance, while the Nasdaq is up 0.2%. The Dow is the outperformer, touting a 1.4% rise week to date.
On Friday, investors will be looking toward manufacturing and services Purchasing Managers' Index readings for June. Existing home sales data for May is also slated for release.
On the corporate earnings front, CarMax is scheduled to report its quarterly results Friday morning.
Tech is ‘overdone’ right now, Nuveen’s Saira Malik says
Tech stocks may soon be seeing a pullback, according to Saira Malik of Nuveen.
"The technicals and the flows into tech … make them look overbought in the short term," the firm's chief investment officer told CNBC's "Power Lunch" on Thursday. "The relative strength indicators show that tech is overdone at this point, so I wouldn't be surprised to see a shorter-term pause."
However, there's one megacap tech name in particular that could see a lot more upside ahead, especially given the limited supply of artificial intelligence stocks, Malik said.
"Nvidia is definitely becoming the tail that wags the dog," she said, adding that it's not an expensive stock compared to the broader semiconductor industry. "It's just not a stock that you're paying a lot for."
Shares of the chipmaker closed down 3.54% on Thursday after hitting a new 52-week high during the session. The stock is up around 164% this year.
— Sean Conlon
Asana shares jump 4%
Shares of Asana rallied 4% Thursday evening after the company announced a $150 million stock repurchase program. The company said the program will run through June 30, 2025.
Year to date, shares are still down more than 40%.
— Hakyung Kim
Stock futures open flat Thursday
U.S. stock futures were little changed Thursday night.
Futures tied to the Dow Jones Industrial Average inched higher by 4 points, or 0.01%.S&P 500 futures inched down by 0.02%, and Nasdaq 100 futures advanced 0.07%.
— Hakyung Kim