OpenAI delays rolling out its 'Voice Mode' to July
US stock futures steady after Nvidia rebound boosts Wall Street
Published 06/25/2024, 07:54 PM
Investing.com-- U.S. stock index futures steadied in evening deals on Tuesday after a rebound in market darling Nvidia and other chipmakers supported Wall Street indexes.
But investors remained on edge before key inflation data due later in the week, which is likely to factor into the outlook for interest rates.
S&P 500 Futures steadied at 5,535.75 points, while Nasdaq 100 Futures were flat at 19,973.50 points by 19:17 ET (23:17 GMT). Dow Jones Futures fell 0.1% to 39,484.0 points.
Nvidia rebound buoys Wall Street
Artificial intelligence darling NVIDIA Corporation (NASDAQ:NVDA) surged nearly 7% on Tuesday, rebounding from three straight days of steep losses, which were sparked by profit-taking and creeping doubts over AI demand.
Gains in the stock spilled over into its chipmaking peers, and also helped bolster Wall Street indexes against losses in other sectors. Nvidia rose 0.9% in after-hours trading.
Economically sensitive sectors remained weak in anticipation of PCE price index data later this week. The reading is the Federal Reserve’s preferred inflation gauge, and is likely to factor into the central bank’s plans to begin trimming interest rates.
Markets widely expect the Fed to announce at least one 25 basis point cut in September, although the central bank has given no such signal. The Fed had recently also slashed its outlook for rate cuts this year.
The S&P 500 rose 0.4% to 5,469.30 points, while the NASDAQ Composite surged 1.3% to 17,720.05 points on Tuesday. The economically sensitive Dow Jones Industrial Average lagged, falling 0.8% to 39,112.16 points.
While Wall Street’s trajectory is likely to be determined by the path of interest rates, an AI-fueled boom in tech kept the S&P 500 and the Nasdaq close to record highs.
Fedex surges on positive profit forecast
Delivery and logistics giant FedEx Corporation (NYSE:FDX) surged in aftermarket trading, rising 14% after it forecast its fiscal 2025 profit just above Wall Street estimates.
While the company clocked stronger quarterly earnings as it slashed expenses and tightened its operations, demand for package deliveries still remained weak. Fedex is seen as a bellwether for U.S. economic activity, especially through its delivery volumes, which remained weak.
Among other aftermarket movers, electric vehicle maker Rivian Automotive Inc (NASDAQ:RIVN) jumped 46% after it entered a joint venture with Volkswagen AG (ETR:VOWG), which will see the German automaker invest an initial $1 billion in Rivian.
Rival Lucid Group Inc (NASDAQ:LCID) rose 10%.
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Waymo's autonomous ride-hailing service now available to all in San Francisco
Published 06/25/2024, 01:29 PM
Updated 06/25/2024, 08:16 PM
(Reuters) - Alphabet (NASDAQ:GOOGL)'s Waymo said on Tuesday its autonomous ride-hailing service, Waymo One, is now available to everyone in San Francisco, nearly four years after a similar move in Phoenix, Arizona.
Driverless vehicles are expected to drive commercial success for automakers even as regulatory scrutiny remains tight amid concerns of investors about growing investments in the nascent technology.
Waymo had started a test service with its research-focused program in San Francisco in 2021, which included an autonomous specialist on board for all rides at that time, as it looked to commercialize the technology.
The company said that about 300,000 people had signed up to ride with Waymo since it first opened a waitlist in the city, signaling strong demand. Now with open access, anyone can request a ride on its app.
The company had opened access to everyone in Phoenix, Arizona without a waitlist in 2020.
Mountain View, California-based Waymo is a self-driving technology pioneer, which started its first U.S. driverless taxi service in 2020 over a decade after it was born in 2009 as a project inside Google.
In March, the company received approval from the California Public Utilities Commission (CPUC) to start its Waymo One in Los Angeles and some cities near San Francisco.
Rivals including General Motors-backed Cruise and Amazon.com (NASDAQ:AMZN)'s Zoox are accelerating a race to succeed amid probes by auto regulators involving the performance of autonomous driving cars.
Last month, the U.S. National Highway Traffic Safety Administration said it had learned of nine additional incidents raising concerns about the performance of Waymo self-driving vehicles.
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Published 06/25/2024, 06:39 PM
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