NVDA NVIDIA Corporation

The major U.S. index futures are currently pointing to initial strength on Wall Street on Thursday, with stocks likely to see further upside after ending the previous session mostly higher but well off their best levels

The markets are likely to benefit from a positive reaction to earnings news from Nvidia (NASDAQ:NVDA), as the AI darling and market leader is jumping by 1.7 percent in pre-market trading.

The advance by Nvidia comes after the company reported better than expected fourth quarter results and provided upbeat revenue guidance for the current quarter.

Buying interest may be somewhat subdued, however, as concerns about President Donald Trump’s threatened tariffs continue to weigh on sentiment.

Traders are also digesting the latest batch of U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits climbed much more than expected in the week ended February 22nd.

The report said initial jobless claims rose to 242,000, an increase of 22,000 from the previous week’s revised level of 220,000.

Economists had expected initial jobless claims to inch up to 221,000 from the 219,000 originally reported for the previous month.

While the report could add to recent concerns about the economic outlook, the data may also generate renewed optimism about potential interest rate cuts.

A separate report released by the Commerce Department showed durable goods orders surged by much more than expected in January, although the growth was largely due to a spike in volatile orders for transportation equipment.

Stocks showed a strong move to the upside early in the session on Wednesday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session, although the Nasdaq and the S&P 500 managed to close in positive territory.

After surging by as much as 1.3 percent, the tech-heavy Nasdaq ended the day up 48.88 points or 0.3 percent to 19,075.26. The S&P 500 eked out a more modest gain, inching up 0.81 points or less than a tenth of a percent to 5,956.06, while the narrower Dow bucked the uptrend and slid 188.04 points or 0.4 percent to 43,433.12.

The early strength on Wall Street partly reflected bargain hunting following recent weakness, which saw the Nasdaq and the S&P 500 close lower for four straight sessions.

The tech-heavy Nasdaq tumbled to its lowest closing level in three months on Tuesday, while the S&P 500 fell to a one-month closing low.

Buying interest waned over the course of the session, however, as traders expressed caution ahead of the earnings news from Nvidia.

The pullback by stocks also came after President Donald Trump reiterated he is “not stopping” previously delayed tariffs on Canada and Mexico.

While a 30-day pause on those tariffs is set to expire on March 4th, Trump indicated the tariffs would take effect on April 2nd, the same day he purportedly plans to announce reciprocal tariffs on other U.S. trade partners.

In U.S. economic news, the Commerce Department released a report showing a substantial pullback by new home sales in the U.S. in the month of January.

The Commerce Department said new home sales plunged by 10.5 percent to an annual rate of 657,000 in January after spiking by 8.1 percent to an upwardly revised rate of 734,000 in December.

Economists had expected new home sales to slump by 2.6 percent to an annual rate of 680,000 from the 698,000 originally reported for the previous month.

Networking stocks saw substantial strength on the day, with the NYSE Arca Networking Index surging by 2.8 percent after ending the previous session at its lowest closing level in over a month.

Significant strength was also visible among semiconductor stocks, as reflected by the 2.1 percent jump by the Philadelphia Semiconductor Index.

Computer hardware, gold and brokerage stocks also saw notable strength, while housing stocks came under pressure over the course of the session.

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