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Stock futures are little changed after S&P 500, Nasdaq notch best day in more than a year: Live updates – CNBC

echoedgetnews February 23, 2024

Traders on the floor of the NYSE, July 6, 2023.

Source: NYSE

Stock futures were little changed Friday, after the S&P 500 and the Nasdaq Composite posted their best day since early 2023.

Futures tied to the Dow Jones Industrial Average ticked up 54 points, or 0.1%. S&P 500 futures inched up by 0.07%, while Nasdaq 100 futures was flat.

In after-hours trading, Block surged more than 13% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 23% after the used car retailer said it expects retail units to grow in 2024.

During the regular session, the major averages roared in a rally that was powered by Nvidia. The chipmaker soared 16%, catching a tailwind from winning quarterly results. The S&P 500 added 2.11% for its best day since January 2023, while the Nasdaq Composite popped 2.96% for its best session since February 2023. The tech-heavy index is within striking distance of its closing record of 16,057.44, registered in November 2021. The 30-stock Dow also closed at a record high, gaining 1.18%.

“Blockbuster earnings from tech giant Nvidia sparked the rally, but many sectors contributed,” said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. “This is a very constructive breakout.”

Indeed, 10 of the 11 S&P sectors were positive Thursday, with utilities being the sole loser. Industrials and health care closed at fresh records.

All three major averages are also now on track for winning weeks: The S&P 500 is pacing for a 1.6% advance, while the Nasdaq has gained 1.7%. The Dow is up 1.1% for the period.

Investors will now look to quarterly results from Warner Bros Discovery and Bloomin’ Brands before the opening bell on Friday.

-CNBC’s Chris Hayes contributed reporting.

StanChart shares rise after $1 billion share buyback, higher annual profit

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Hong Kong-listed shares of Standard Chartered rose 2.8% by afternoon trading after the company announced a $1 billion share repurchase program.

StanChart also reported 2023 pretax profit of $5.09 billion, up about 18% year-on-year.

The bank earns most of its revenue in Asia.

“We have increased full year dividends, up 50%, and have announced a new $1 billion share buyback, bringing our total shareholder distributions to $5.5 billion since January 2022,” the company said in a statement.

The bank also reported a $850 million impairment charge due to its stake in Chinese lender Bohai Bank.

— Shreyashi Sanyal

China property price declines narrow month-on-month in January

Declines in China’s commercial housing sales prices narrowed on a month-on-month basis, according to data from the National Bureau of Statistics.

The official data showed sales prices of newly built commercial houses in first-tier cities fell 0.3% in January from the previous month, with declines narrowing by 0.1 percentage points from the previous month.

Prices continued to drop from last year, falling 0.5% from a year ago or 0.4 percentage points more than the previous month.

The January data comes after the country’s troubled property market recorded its worst declines in new home prices in nearly nine years at the end of last year.

China’s CSI 300 added 0.2%, set to rise for the ninth straight session if gains hold till the end of the trading day.

— Shreyashi Sanyal

Korean won falls a day after Bank of Korea decision

The South Korean currency, the won

Nora Carol Photography | Getty Images

The Korean won eased against the U.S. dollar on Friday, a day after the Bank of Korea held interest rates.

The won dipped 0.2%. The BOK held interest rates unchanged at 3.5% as widely expected on Thursday.

Goldman Sachs said Thursday that the central bank could be the first to cut rates.

Analysts at Commerzbank said “diverging views within the board on the direction of rates could also add to volatility. Two board members are also due to be replaced. This could change the dynamics on the board, depending on who will be appointed.”

Stocks in Korea rose, with the Kospi adding 0.5% after the Nvidia’s blockbuster results helped boost semiconductor stocks globally.

— Shreyashi Sanyal

Nvidia stole the show, but Thursday’s rally was fairly broad

Nvidia‘s 16% jump headlined Thursday’s market action, but the major averages saw sizeable gains across much of the board.

The S&P 500 closed 2.11% higher, and the Nasdaq Composite added nearly 3%. Both indexes saw their best day in more than a year.

While tech was the leading sector with a 4.35% gain, industrials and health care each gained more than 1% and hit fresh record closes. Quanta Services was the big winner in industrials, rising more than 10%, while Moderna popped 13.5% to help lift health care. Utilities was the one losing sector, down 0.77%.

Stocks making the biggest moves after hours

Check out some of the companies making headlines in extended trading.

Intuit — Shares pulled back roughly 1% after the financial software company posted revenue of $3.39 billion in its fiscal second quarter. The result was in line with what analysts polled by LSEG had expected. Adjusted earnings came in ahead of Wall Street’s estimate at $2.63 per share, compared to $2.30 per share anticipated by analysts.

Live Nation Entertainment — Shares added about 1% in extended trading. Live Nation reported revenue of $5.84 billion, surpassing analysts’ estimates of $4.79 billion, per LSEG. The entertainment company also posted fourth-quarter operating income that was slightly below consensus.

Booking Holdings — The online travel company fell more than 4% even after reporting a fourth-quarter earnings and revenue beat, while room nights booked increased by 9%. Booking Holdings also announced it would initiate a quarterly cash dividend of $8.75 per share.

Read the full list here.

— Brian Evans