Nasdaq futures boosted by tech demand, Nvidia earnings

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, March 19, 2021. REUTERS/Brendan McDermid
  • Futures up: Dow 0.16%, S&P 0.28%, Nasdaq 0.50%

Nov 18 (Reuters) - Nasdaq futures rose sharply on Thursday as chipmaker Nvidia rallied on strong third-quarter earnings, while S&P and Dow premarket indicators showed a mild recovery from inflation-related losses sustained this week.

Nvidia shares (NVDA.O) jumped 6.7% in premarket trade after the company beat quarterly estimates and forecast strong fourth-quarter revenue, expecting to benefit from growth in its data center business and investments in the metaverse. read more

Other chipmaker stocks including Advanced Micro Devices Inc (AMD.O) and Qualcomm Inc (QCOM.O) rose 2.1% and 0.9%.

Broader technology stocks also rose as investors sought sectors less exposed to rising inflation and supply chain issues.

Ecommerce platform (AMZN.O) led gains among FAANG stocks, rising 0.5%.

The three major Wall Street indexes fell on Wednesday as investors fretted over rising price pressures in the country.

At 6:12 a.m. ET, Dow e-minis were up 59 points, or 0.16%. S&P 500 e-minis were up 13 points, or 0.28% and Nasdaq 100 e-minis were up 80.75 points, or 0.5%.

Among other premarket movers, Boeing Co (BA.N) rose 2.1% after Virgin Australia said it would add seven more 737 NG planes to its fleet, and as J.P. Morgan upgraded the planemaker's stock to "overweight" from "neutral". read more

Cisco Systems Inc (CSCO.O) fell 7% after the network gear maker forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs. read more

Kraft Heinz (KHC.O) dipped 2.1% after the packaged food maker announced a secondary share offering.

U.S.-listed shares of Singapore-based Maxeon Solar Technologies (MAXN.O) fell 8.6% as the solar technology company forecast dismal fourth-quarter revenue after posting downbeat quarterly earnings.

Reporting by Ambar Warrick in Bengaluru; Editing by Maju Samuel

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