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Stock market today: US futures take time out after breakout rally

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Stocks are consolidating after Nvidia results sparked a global rally that has the chipmaker eyeing a $2 trillion valuation.

US stock futures took a breather on Friday, as investors weighed what could follow the record-breaking rally stoked by AI chipmaker Nvidia's blowout earnings. Futures on the S&P 500 and the Dow Jones Industrial Average danced around the flatline, having closed at all-time highs on Thursday. Contracts on the Nasdaq 100 were also muted after the tech-heavy index added 3% to score its own record.

The meteoric rise in the chipmaker's shares continued in Friday's premarket, up about 2% and on track to top a $2 trillion valuation. As the AI frenzy begins to abate, the chances of a US interest-rate cut are coming back into view for the market. A parade of Federal Reserve officials underlined that cuts are coming, but not soon — though they differed on just when the shift might start.

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