Nasdaq Futures pointed to a positive direction on Wednesday, driven by optimism about the upcoming end of the 43-day U.S. government shutdown. Futures associated with the tech-focused Nasdaq, the standard S&P 500, and the prestigious Dow Jones Industrial Average showed gains of 0.6%, 0.3%, and 0.2%, respectively. The three major stock indexes wrapped up the trading session with varied outcomes yesterday, as the Dow jumped by 1.2%, or about 560 points, hitting a record high for the first time in two weeks. The S&P 500 saw a slight uptick of 0.2%, whereas the Nasdaq faced a drop of 0.3%. The Senate approved legislation late Monday to fund the government until January 30 and end the shutdown.
After the Veterans Day federal holiday yesterday, the House of Representatives is expected to cast their votes later this afternoon. If it receives approval, it will be forwarded to President Donald Trump for his endorsement. The bond market is back in action after being closed yesterday for Veterans Day, with the yield on the 10-year Treasury note dropping to 4.08% from 4.11% at Monday’s close. Bitcoin was trading at around $105,000, increasing from a low of $102,500 seen overnight. The U.S. dollar index, which assesses the dollar’s performance against a range of foreign currencies, rose to 99.54. Gold futures saw a rise of 0.6%, hitting a price of $4,140 per ounce. Crude oil futures in the U.S. saw a drop of 1%, closing at $60.40 per barrel.
In corporate news, Advanced Micro Devices experienced a decline of nearly 3% on Tuesday during its first analyst day event, but it rebounded 5.5% in premarket trading following the company’s optimistic long-term growth targets. Nvidia, which experienced the steepest drop in the Dow yesterday with a 3% decline after reports that Japan’s SoftBank had divested its entire stake in the AI chip company, saw a 1.5% increase before the market opened. The other six members of the Magnificent Seven tech stocks—Apple, Microsoft, Alphabet, Amazon, Tesla, and Meta Platforms—also experienced modest gains.
Shares of mobile advertising technology firm AppLovin, which experienced the largest daily decline in the S&P 500 yesterday with a nearly 9% drop, were up about 1% before the bell, while those of cloud computing company CoreWeave rebounded 2.5% after falling 16% on Tuesday. Following the earnings announcements, shares of Swiss sneaker manufacturer On Holding rose significantly by 9%, while the shares of USDC stablecoin issuer Circle Internet Group fell by 4%.