Nasdaq futures indicated a positive opening on a day marked by a flurry of corporate earnings announcements Wednesday, with shares of SpaceX driving the upward momentum. Nasdaq 100 and S&P 500 futures exhibited increases of 0.4% and 0.1%, respectively, in recent trading activity. Futures for the Dow Jones Industrial Average exhibited a modest increase. Yesterday, the blue-chip Dow experienced a notable increase of 1%, translating to over 500 points, while the benchmark S&P 500 saw a modest rise of 0.3%. The tech-focused Nasdaq Composite concluded the trading session with a slight decline.
SpaceX shares soared more than 9% premarket Wednesday, a day after the pace, AI, and social media company swung to a profit and CEO Elon Musk stated on the earnings call that the board and Tesla’s formed committees to discuss a merger. Shares of Tesla rose 2.5% ahead of its results after markets close today. Netflix shares sank 6% after the streaming giant’s results late yesterday, and United Airlines stock fell 1%. Super Micro Computer shares surged 12%. Notable companies reporting quarterly results before the bell today include AT&T, Philip Morris International, Thermo Fisher Scientific, and Abbott Laboratories. Meta Platforms and International Business Machines are among big-name firms set to issue earnings reports after the close today.
Stocks associated with AI experienced an uptick prior to the market opening, following a decline the previous day. Roundhill’s Memory ETF was up nearly 3%, while the broader iShares Semiconductor ETF advanced more than 1%. The Roundhill Magnificent Seven ETF, which tracks the Magnificent Seven mega-cap tech stocks, pointed up 0.4%. CoreWeave shares, which plunged 25% last week amid concerns about the Nvidia-backed firm’s debt, rose about 1.5% after rebounding from a sharp early decline yesterday to finish up 1.7%. Oil prices, which experienced a decline yesterday following unverified reports of mediators attempting to facilitate discussions between the U.S. and Iran regarding a resolution to the Middle East conflict, saw an increase on Wednesday.
U.S. benchmark West Texas Intermediate crude futures increased by 2% to $99.75 a barrel in recent trading. Brent crude futures, the international benchmark, experienced an increase of 1.5%, reaching a price of $110.50. The 10-year Treasury yield was above 5.13% in recent trading, reflecting an increase of two basis points from Tuesday’s close. The price of bitcoin was approximately $83,300, reflecting a modest increase over the past 24 hours. The U.S. dollar index, which measures the value of the greenback relative to a selection of foreign currencies, increased by 0.1% to 101.77. Gold futures declined by 0.2%, settling at $4,135 per ounce.
