Futures in the Dow Jones Industrial Average were little changed early Monday, while the S&P 500 and Nasdaq rose modestly. Nvidia (NVDA) and Advanced Micro Devices (AMD) led artificial intelligence chipmakers higher on news. And GameStop (GME) skyrocketed on the stock market today as meme investor “Roaring Kitty” revealed an apparent big stake.

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Dow Jones futures were about flat vs. fair value. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.5%. This comes after the stock market rally lost ground last week, but bounced back Friday afternoon.

Meanwhile, the 10-year Treasury yield dipped to 4.47% after rising 4 basis points to 4.51% last week.

Crude oil edged down around $76.85 a barrel after falling 0.9% last week and 6% in May. On Sunday, OPEC+ agreed to extend production cuts into 2025.

Further, critical manufacturing data is due Monday morning, part of big week for economic reports.

Remember that premarket action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Stock Market Today: Nvidia News

Nvidia Chief Executive Jensen Huang touted future AI chips on Sunday on the eve of Computex 2024. AMD (AMD), Arm Holdings (ARM) and Qualcomm (QCOM) made AI chip announcements Monday at Taiwan’s electronics showcase event.

Nvidia stock is on IBD Leaderboard. Nvidia and ARM stock are on the IBD 50.

Speaking Sunday, Huang touted the massive data center gains from adding advanced GPUs to data centers or PCs.

“The more you buy, the more you save,” Huang said. “This is CEO’s math. It is not accurate but it is correct!”

Nvidia stock climbed more than 3% early Monday. Shares rose 3% to 1,096.33 last week, but pulled back from Thursday’s record 1,158.190.

With Nvidia rolling out Blackwell AI chips this year, Huang announced plans for Blackwell Ultra chip in 2025 and a next-generation Rubin platform for 2026.

Other AI Chip Stocks Advance

AMD CEO Lisa Su also gave an AI roadmap for the next two years at Computex. She also highlighted the chipmaker’s latest AI processors for AI PCs, including Microsoft Copilot+ PCs.

AMD stock rose 2% before the open. Tuesday’s high of 174.55 could be an early entry.

Qualcomm’s Cristiano Amon showed off the wireless chipmaker’s latest Snapdragon chips for Copilot+ PCs. ARM’s Rene Haas aims for 100 million Arm-powered devices to be AI ready by year-end.

Qualcomm climbed 2%. Shares fell 3% last week, reversing lower from a record high.

Arm stock advanced 2.5% on the stock market today after climbing 5.1% last week, reclaiming its 50-day line. Investors could use Tuesday’s high of 125.98 as an early entry.

GameStop Stock Spikes On Roaring Kitty

Kevin Gill, better known as Roaring Kitty, shared a screenshot Sunday on Reddit that appeared to show he bought five million GameStop shares at $21.27, along with 120,000 call options worth $65.7 million with a $20 strike price and June 21 expiration.

Gill helped spark the meme stock fury in 2021, then revived interest in GameStop and others a few weeks ago with various memes suggesting he was active again.

GameStop stock skyrocketed 78% to about 41 before the open. That’s below the 64.83 hit on May 14, during last month’s Gill-inspired frenzy.

AMC Entertainment (AMC) jumped more than 20%.

Stock Market Today: Automakers Report Strong Deliveries

Elsewhere, China electric-vehicle makers Li Auto (LI), Nio (NIO), XPeng (XPEV), Zeekr Intelligent Technology Holding (ZK) and Tesla (TSLA) archrival BYD (BYDDF) reported strong May deliveries, with new monthly bests for Nio and newly public Zeekr. The China EV stocks were modestly to solidly higher. Tesla stock rose a fraction.

In other news, Spotify (SPOT) will raise U.S. premium prices to $11.99 a month from $10.99 a month for new subscribers. Spotify jumped 5%.

At 10 a.m. ET, the Institute for Supply Management will release its May manufacturing index. Economists expect a 0.6 point rise to 49.8, just below break-even 50 level. The ISM services index is due Wednesday with the May jobs report on Friday.

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Stock Market Ended Week On High Note

The Dow Jones Industrial Average retreated 1% in last week’s stock market trading, below the 50-day line despite Friday’s 1.5% jump.

The S&P 500 index shed 0.5% while the Nasdaq gave up 1.1%, but both ended above their 21-day lines after tumbling below that key level intraday Friday. The small-cap Russell 2000 edged higher, bouncing back after closing below its 50-day on Wednesday.

Software stocks were big losers amid weak earnings reactions.

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