Stock futures were little changed on Thursday morning after the S&P 500 notched a new record closing high thanks to a rally in artificial intelligence chip darling Nvidia. Futures tied to the S&P 500 flickered near the flatline, as did Nasdaq-100 futures. Futures connected to the Dow Jones Industrial Average slipped 44 points. Lululemon jumped 7% as the sportswear manufacturer beat expectations in its fiscal first quarter. Five Below sank nearly 15% on lackluster results and guidance. Stocks are coming off a winning session. The S&P 500 jumped 1.18% to close at 5,354.03. The index also touched a new intraday all-time high of 5,354.16. The Nasdaq Composite jumped 1.96% to 17,187.90 and also hit a new record, while the Dow Jones Industrial Average added 0.25% to close at 38,807.33. Nvidia powered those gains surging more than 5% to top a $3 trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of AI chips, known as “Rubin.” “If you’re designing the perfect momentum company from scratch, Nvidia would be it,” New York University finance professor Aswath Damodaran said on CNBC’s “Closing Bell” on Wednesday. “You got a great story, a CEO who sticks to the story … and you got a market that contributes to the mix. I think that you’re seeing one of the great momentum plays of all time playing right in front of you.” The European Central Bank cut rates for the first time since 2019 on Thursday, raising the pressure on the Federal Reserve to potentially lighten its policy that many see as too restrictive. The Fed next decides on rates next week and is likely to keep rates the same, though bets that they will cut in September are rising. Wall Street is looking ahead to Friday’s nonfarm payrolls report for May, with investors on the hunt for signs of a weakening labor market, which could support rate cuts from the Federal Reserve. Private payrolls data from ADP released Wednesday showed a slowdown in hiring. Earnings from J.M Smucker are due out Thursday, as are reports on continuing and initial jobless claims. U.S. Treasury yields ticked up Thursday as investors considered the latest economic data and weighed the outlook for interest rate cuts. The yield on the 10-year Treasury was up by less than 3 basis points at 4.302%. The 2-year Treasury yield was last 2.5 basis points higher on the day at 4.75%. Asia-Pacific stocks rose Thursday on expectations that the European Central Bank will cut rates, with softer U.S. labor market data fueling hopes that the Fed might follow suit, further boosting market sentiment. Japan’s Nikkei 225 climbed 0.55%, giving up some gains to close at 38,703.51, while the broad-based Topix rose 0.33% to end at 2,757.23. Australia, whose exports fell to their lowest level since December 2021, saw the S&P/ASX 200 closing 0.68% higher at 7,821.8. Hong Kong’s Hang Seng index rose 0.23%, paring earlier gains, while mainland China’s CSI 300 ended marginally lower at 3,592.25. India’s Nifty 50 and Sensex indexes rose 0.64% and 0.75%, respectively, building on Wednesday’s gains as the country’s National Democratic Alliance, led by Prime Minister Narendra Modi’s Bharatiya Janata Party, appeared set to form the next government. South Korea’s markets were closed for a public holiday. Crude oil futures rose more than 1% on Wednesday, bouncing back from four-month lows after a decision by OPEC+ to increase production triggered a selloff this week. U.S. crude and global benchmark Brent are down nearly 4% this week after eight OPEC+ members agreed Sunday to gradually phase out 2.2 million barrels per day in production cuts. The selloff was overdone, said Warren Patterson, head of commodities strategy at ING. OPEC+ won’t start increasing production until October, and the global oil balance sheet will tighten beforehand, Patterson said. West Texas Intermediate July contract: $74.07 a barrel, up 82 cents, or 1.12%. Year to date, U.S. crude oil is up 3.3%. Brent August contract: $78.41 a barrel, up 89 cents, or 1.15%. Year to date, the global benchmark is up 1.78%. Gold prices hit a two-week high on Thursday as U.S. bond yields fell on signs of a cooling labor market, strengthening a case for a September interest rate cut by the Federal Reserve, while investors positioned for U.S. non-farm payrolls data. Spot gold was up 0.4% at $2,363.03 per ounce as of 0858 GMT, after hitting a two-week high earlier in the session. It rose 1% on Wednesday. U.S. gold futures rose 0.3% to $2,381.80.