US stock futures were mixed on Wednesday, with technology stocks continuing to outperform thanks to a rally in Nvidia shares. The Dow Jones Industrial Average futures were down 0.2%, while S&P 500 futures were down less than 0.1% and Nasdaq futures were up 0.1%. Bond yields saw a slight increase, with the 10-year Treasury bond yielding at 4.274% and the two-year at 4.737%.
Yesterday, the Dow closed lower while the S&P and Nasdaq made gains. This marks the eighth time in 10 days that the Dow has moved in the opposite direction of the other two indexes, largely due to its lower representation of tech stocks. Notably, chipmakers like Nvidia saw a significant rally, with Nvidia jumping 6.8% on Tuesday. Chipotle Mexican Grill also benefited from a stock split.
Susannah Streeter, from Hargreaves Lansdown, pointed out that the technology sector, particularly chipmaker Nvidia, has seen a rebound, easing fears of major market instability. Investors are now turning their focus to earnings from Micron Technology, set to be released after the closing bell on Wednesday. In premarket trading, Nvidia shares were up another 2.2%.
Looking ahead, investors are gearing up for the release of key economic data on Friday, in the form of the Personal Consumption Expenditures (PCE) Price Index, which is the Federal Reserve’s preferred measure of inflation. The inflation outlook and its impact on Fed interest rate policy continue to be a central focus for markets, with the PCE release likely to shape traders’ expectations for a potential Fed rate cut in December.
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https://www.barrons.com/livecoverage/stock-market-today-062624
