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Cryptocurrency News Articles

Nvidia (NVDA) Stock Soars, Getty Images and Shutterstock Agree to Merge

Jan 15, 2025 at 05:06 am

S&P 500 futures gained momentum for the third straight day on Tuesday, buoyed by a record-breaking rally in Nvidia stock and fresh merger developments in the tech sector.

Nvidia (NVDA) Stock Soars, Getty Images and Shutterstock Agree to Merge

S&P 500 futures rose for the third day in a row on Tuesday, as a record-breaking rally in Nvidia stock and fresh merger activity in the tech sector countered cautious trading ahead of key economic data.

A surge in Nvidia stock, following the company’s showcase of new PC chips at CES 2025, pushed the stock up 2.5% in premarket trading. The tech giant’s announcements highlighted its strength in the AI and gaming sectors, boosting chip stocks and complementing Foxconn’s (TW:2317) record-breaking Q4 revenue.

Meanwhile, another tech sector boost came from the merger news, as Getty Images and Shutterstock (NYSE:SSTK) agreed on a $3.7 billion deal. Shares of Getty Images soared 45% premarket, and Shutterstock rose 24%.

The new entity, to operate under the Getty name, aims to redefine digital media and visual content markets. Shareholders of the photography company can choose cash payouts of $28.85 per share, stock in the combined entity, or a blend of both. Craig Peters, Getty Images’ CEO, will lead the consolidated company.

On the other hand, Tesla (NASDAQ:TSLA) stock encountered headwinds as it fell 2% after Bank of America (NYSE:BAC) downgraded the stock to neutral from buy.

The upbeat sentiment in tech is countered by looming macroeconomic concerns, with upcoming data like the JOLTS report on Tuesday and December’s nonfarm payrolls on Friday having traders treading carefully.

Moreover, the observance of former President Jimmy Carter’s memorial on Thursday compresses the trading week, heightening the impact of midweek data releases like the ADP private payroll report on Wednesday.

At 14:08 GMT, Dow Futures rose 123 points to 43,105 (+0.29%), S&P 500 Futures climbed 15.50 points to 6,036 (+0.26%), and Nasdaq 100 Futures edged up 25.25 points to 21,769.75 (+0.12%).

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