Stock Market Today: Dow Jones futures edge higher, Nvidia extends rally

• Dow Jones futures cling to modest gains ahead of the opening bell.
• Nvidia shares continue to push higher following Thursday's upsurge.
• S&P 500 closed at a new record high on Thursday.

S&P 500 futures are unchanged, Dow Jones futures climb 0.18%, and Nasdaq futures are unchanged..

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Thursday with a 2.11% gain, a 1.18% increase, and a 2.96% rise, respectively.

What to know before stock market opens

• The Technology sector was the best-performing major S&P 500 sector on Thursday, rising 4.35% on the day. On the downside, the Utilities sector fell 0.77%.
• Nvidia Corp. (NVDA) stock climbed 16.4%, ending at $785.38, becoming the biggest gainer in the S&P 500. In premarket trading on Friday, Nvidia is up nearly 2% at around $799. The chipmaker had reported on Wednesday that earnings per share topped $5.16 versus the $4.64 forecast, while revenue climbed to $22.10 billion compared to the expected $20.62 billion. The company also said that it forecasts the current-quarter revenue of $24 billion, plus or minus 2%. 
• Mizuho has raised the target price for Nvidia stock to $850 from $825, HSBC lifted its target to $880 from $835 and Citigroup revised its expectation to $820 from $575.
• ETSY Inc. (ETSY) tumbled 8.44% to close at $70.62 as the worst-performing S&P 500 stock on Thursday.
• The US Department of Labor reported that there were 201,000 Initial Jobless Claims in the week ending February 17, a 12,000 decrease from the previous week's reading of 213,000.
• Federal Reserve (Fed) Vice Chair Philip Jefferson said on Thursday that he wants to move in a way that would not lead to stops and starts in policy and increase policy uncertainty. Later in the day, Governor Christopher Waller argued that there is no rush to begin cutting interest rates, citing the need to see further evidence that inflation is cooling.
• The Fed said in the Minutes of the January policy meeting released Wednesday that most policymakers noted the risks associated with moving too quickly to ease the policy. Furthermore, the publication showed that officials highlighted uncertainty around how long the restrictive policy stance would be needed.
• Retailer giant Walmart Inc. (WMT) reported an adjusted earning per share of $1.8 ahead of the opening bell on Tuesday. The company said that it expects consolidated net sales to rise in the range of 3%-4% and announced that it will buy smart TV producer Vizio (VZIO) for about $2.3 billion.
• Home Depot Inc. (HD) said net income in Q4 was $2.8 billion, and the adjusted earnings per share was $2.82. The company, however, said that it projects sales for the fiscal year 2024 to be below estimates, citing slowing demand for discretionary items such as flooring, furniture and kitchen, per Reuters.