U.S. stock futures rose as Nvidia Corp. rebounded, boosting the technology-led rally on Wall Street. Nvidia’s shares increased by more than 2% in pre-market trading, following a 7% gain on Tuesday. The chipmaker giant has seen a surge in its stock this year due to high demand for its chips in the AI computing market. Rival Micron Technology Inc. also rose by over 3% ahead of its third-quarter results release on Wednesday.
FedEx Corp. experienced a more than 13% rise after an optimistic earnings forecast amid expectations of a Federal Reserve interest rate cut due to signs of economic cooling. The Fed is expected to reduce rates by 25 basis points by the end of the year and a total of 125 basis points by 2025, while the market predicts a 75 basis point cut in the first quarter of 2025.
Technology stocks led a moderate gain in the Stoxx Europe 600 index, with individual movers like Deutsche Post AG and Danske Bank A/S seeing positive movements. The yen reached over 160 per dollar, sparking speculation about possible Japanese intervention to support the currency. Stock indices in Japan and Hong Kong rose, while Australia saw a decline. In commodities, oil prices rose as investors awaited the U.S. government’s report on crude inventories.
In terms of upcoming events, key data releases include US New Home Sales, China industrial profits, Eurozone economic and consumer confidence, US Durable Goods, Initial Jobless Claims, GDP, along with earnings results from Nike.
Overall in the market, S&P 500 futures were little changed, the Stoxx Europe 600 index showed minimal movement, the Bloomberg Dollar Spot Index rose, and various cryptocurrencies experienced price fluctuations. The yield on 10-year Treasury bonds rose, while raw materials such as crude oil and gold saw mixed movements.
This summary is brought to you by Bloomberg LP.
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