Stock market today: Nvidia climbs again but broader rally loses steam
- Chipmaker stocks including Nvidia and Micron Technology rose ahead of Monday's opening bell.
- But US futures slipped as investors await more clarity on interest rates.
US-listed chipmaker stocks climbed yet again ahead of Monday's opening bell, but stock futures edged lower in a sign the recent stellar rally could take a breather in the week's first trading session.
AI darling Nvidia was up 1.2% shortly after 6 a.m. ET, while Micron Technology climbed 2% and Western Digital rose 2.3% in premarket trading.
Meanwhile, futures for the S&P 500, Nasdaq 100, and Dow Jones Industrial Average all slipped by between 0.1% and 0.3% as investors await more clarity about when the Federal Reserve will cut interest rates.
Traders now expect the central bank to start slashing borrowing costs in June, according to data from the CME Fedwatch tool, with inflation still running clear of policymakers' 2% target.
Jerome Powell's congressional testimony due on Wednesday and Thursday, as well as Friday's non-farm payrolls data, could give the market more clues about the timing of future rate cuts.
In London the FTSE 100 index of blue-chip stocks dipped 0.5% to 7,644.9 points in late morning trading.
On crypto markets, bitcoin was up almost 6%, or $3,400, to about $64,200 in London trading, closer to its record high of $68,999 hit in November 2021.
Brent crude oil was close to $84 a barrel after adding 2% on Friday, while US oil neared $80 after hitting that level on Friday for the first time in about four months.