US stock futures rise as AI rally continues Awaiting Inflation Indicator from

© Reuters.– U.S. stock index futures rose slightly in evening trade on Monday, recovering some ground after a negative session on Wall Street as markets remained largely on edge ahead of further signals on inflation and the Federal Reserve.

Gains in major artificial intelligence stocks spilled over into later trade, as investors remained bullish on the fast-growing sector.

But Wall Street now appears to be cooling after reaching record highs last week on the back of an apparently dovish Federal Reserve. Regulatory action against some major technology companies also weighed on sentiment.

It was up 0.1% at 5,283.50 points, while up 0.1% at 18,539.75 points by 20:04 ET (00:04 GMT). rose 0.1 percent to 39,722.0 points.

PCE inflation, feed speaker on tap

The data—the Fed’s preferred inflation estimate—is due this Friday, when markets close. But the reading will still be closely watched for further signs of inflation’s path, given that the Fed has warned that any interest rate cuts in 2024 will depend on inflation moving toward its 2 percent annual target. will be on

Along with the inflation data, a series of federal officials are also set to speak this week, with a particular focus on a member of the Federal Open Markets Committee, and the two will speak separately on Friday.

While the Fed indicated last week that it would cut rates by 75 basis points in 2024, markets remained on edge for any possible change in that outlook, particularly due to warmer inflation. The concept caused some losses on Wall Street.

It fell 0.3% to 5,218.19 points, compared with Monday’s 0.3% drop to 16,484.47 points. It fell 0.4 percent to 39,313.64 points.

The AI ​​rally continues, with Nvidia at a record high.

Even as the broader Wall Street index cooled, investors continued to pile into AI-linked stocks amid continued hype over the growing sector.

Market darling NVIDIA Corp. ( NASDAQ:

Memory chip maker Micron Technology Inc (NASDAQ: ) rose 1% after closing at a record high. Mizuho raised the firm’s target price on better prospects for AI demand, particularly for its high-bandwidth memory chips. AI-related sales recently saw Micron post an unexpected quarterly profit, with the chipmaker also upgrading its sales forecast for the year.

Super Microcomputer Inc. (NASDAQ: ) rose 1.5 percent after rising more than 7 percent during the session, after JPMorgan gave the server maker a ‘buy’ rating.

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