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Dell, Super Micro providing server racks for xAI's

supercomputer

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Futures up: Dow 0.08%, S&P 500 0.40%, Nasdaq 0.60%

(Updated at 7:14 a.m. ET)

By Shubham Batra and Ankika Biswas

June 20 (Reuters) - Nasdaq and S&P 500 futures jumped on

Thursday as Nvidia ( NVDA ) extended its rally, while investors returning

from the Juneteenth holiday awaited economic data and commentary

from Federal Reserve officials to firm up bets on interest rate

cuts this year.

Nvidia ( NVDA ) climbed 3.4% in premarket trading, after the

semiconductor bellwether surpassed Microsoft ( MSFT ) on Tuesday

to become the world's most valuable company with a market value

of $3.335 trillion, as its high-end processors play a central

role in a scramble to dominate artificial intelligence

technology.

"Once again, Nvidia ( NVDA ) is the stand out performer ... as usual,

there are concerns about the U.S. market's lack of breadth with

so much of the overall performance concentrated in the stock

price of a few corporations," David Morrison, senior market

analyst at Trade Nation, said.

"The size and outperformance of this select group is

reflected in its valuation, which is way above that of the rest

of the (S&P 500) constituents."

The continued surge to new peaks by the AI chip leader and

softer-than-expected U.S. retail sales data pushed the S&P 500

and the Nasdaq to close at record highs on Tuesday.

Other chip stocks Advanced Micro Devices ( AMD ), Marvell

Technology ( MRVL ), Micron Technology ( MU ) and Arm Holdings

also gained between 1% and 2.4%.

Investors will now shift focus to more economic data

including housing figures for May, jobless claims for the week

ended June 15 and the Philly Fed Business Index, all due before

market open.

Comments from Minneapolis Fed President Neel Kashkari at

0845 ET will also be on investors' watch for any outlook on

interest rates. Richmond Fed President Thomas Barkin and San

Francisco Fed President Mary Daly are also due to speak after

the closing bell.

Money markets currently see a 59.6% chance of a 25-basis

point rate cut by the U.S. central bank in September, according

to LSEG's FedWatch data.

Yields on the two-year Treasury note, which

closely reflect the interest rate expectations, and those on the

benchmark 10-year note were up 3-4 basis points.

At 7:18 a.m. ET, Dow e-minis were up 33 points, or

0.08%, S&P 500 e-minis were up 22.25 points, or 0.4%,

and Nasdaq 100 e-minis were up 120.75 points, or 0.6%.

Among other movers, Dell Technologies ( DELL ) and Super

Micro Computer ( SMCI ) rose 3.1% and 4.7%, respectively, after

Elon Musk said on social media platform X that the companies

would provide server racks for the supercomputer that his

startup xAI is building.