DJIA futures up 4 points (Il Sole 24 Ore Radiocor) - New York, 21 Jun - US futures were little changed as AI darling Nvidia signalled further weakness ahead of business survey and housing data.

Wall Street ended mixed yesterday with the S&P 500 and tech-heavy Nasdaq both retreating from record highs as losses for Nvidia took their toll. The 30-stock Dow rose 0.8% to post its best day this month.

Nvidia, which has grown more than 160% this year after nearly tripling its value last, retraced early gains to end down 3.5% and cede the crown of most valuable stock back to Microsoft.

The stock has boomed thanks to growing demand for chips that train and run generative AI models like OpenAI's ChatGPT and investors are upbeat the rally could have further to run. Its shares were down almost 2% premarket.

On the data front, the focus today is on the purchasing managers survey to see how services and manufacturing activity is faring with high borrowing costs.

Manufacturing has been hit particularly hard by high interest rates meant to get high inflation under control and existing home sales data later is expected to confirm weakness in the building industry as mortgage rates remain stubbornly high.

As inflation and the jobs market show signs of cooling, hopes are rising the Federal Reserve might have the room to ease monetary policy later this year. But yesterday Minneapolis Fed president Neel Kashkari warned it would take a year or two to get inflation back to 2%, as wage growth might still be too high.

On the stocks front, CarMax is among the companies report quarterly results. Shares in Sarepta Therapeutics meanwhile soared 37% in premarket trade after the FDA approved its Duchenne muscular dystrophy gene therapy for patients aged 4 and older.

Futures on the Dow Jones were up 4.00 points, or 0.01%, S&P 500 futures were down 2.50 points, or 0.05%, while futures on the Nasdaq were 5.25 points, or 0.03%, lower.

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(RADIOCOR) 21-06-24 13:59:09 (0378) 5 NNNN