Stock futures rose on Wednesday, marked by a rebound in technology stocks following their sell-off in the prior day, as the names continue to seesaw in what has been a volatile month for the trade. S&P 500 futures and Nasdaq 100 futures climbed 0.3% and 0.6%, respectively. Futures tied to the Dow Jones Industrial Average added 104 points points, or 0.2%. In the premarket Wednesday, Advanced Micro Devices shares popped more than 5% on the heels of CEO Lisa Su saying Tuesday that the company anticipates the total market for artificial intelligence data center parts and systems will reach $1 trillion by 2030. Su also said that the company should see its overall revenue growth increase as a result of “insatiable” demand for AI chips. Elsewhere in tech, Nvidia shares rose more than 1% after Foxconn, one of its suppliers, reported a 17% year-over-year increase in earnings. Both Nvidia and AMD had come under pressure during Tuesday’s session, dropping about 3% and more than 2%, respectively. Those two and others like Oracle swinging lower in the previous session reflect the uneasy sentiment among investors that tech valuations could be stretched after their recent surge. Tuesday saw a tale of two markets emerge — the Dow rallied more than 550 points to close at a record high, while the Nasdaq slipped. The S&P 500 closed higher on Tuesday, notching its third positive session in a row. Consumer stocks such as Walmart, Home Depot and McDonald’s propped up the 30-stock Dow on Tuesday as traders moved into parts of the market with lower valuations. The health care sector was the top-performing sector, driven by moves higher in names such as Eli Lilly and Johnson & Johnson. “When you have very few groups making new highs, very few stocks remaining above their 200-day moving average or 40-day moving average … it’s a very interesting rotation,” Craig Johnson, chief market technician at Piper Sandler, said Tuesday on CNBC’s “Power Lunch.” “What hasn’t been working is a place to go hide right now.” Investors also digested a new ADP report that showed private employers cut payrolls in October, adding to worries about labor market weakness. The report received greater focus since the record-setting U.S. government stoppage has halted many crucial economic releases. The U.S. government could reopen as soon as the end of this week. The Senate on Monday evening passed a spending bill that has since moved to the House of Representatives for a final vote. U.S. Treasury yields were lower on Wednesday as investors welcomed progress on bringing an end to the government shutdown. The 10-year Treasury yield was down more than 3 basis points to 4.073%. The 2-year note yield also fell more than 3 basis points to 3.56%. The 30-year bond yield was down more than 2 basis points to 4.675%. Asia-Pacific markets mostly rose Wednesday, after Wall Street traded mixed on hopes that the record-setting U.S. government shutdown could be nearing an end and AI trade stumbling. Japan’s benchmark Nikkei 225 added 0.43% to close at 51,063.31, while the Topix rose 1.14% to end the trading day at 3,359.33. South Korea’s Kospi rose 1.07% to close at 4,150.39, while the small-cap Kosdaq jumped 2.52% to 906.51. Australia’s S&P/ASX 200 lost 0.22% to 8,799.5. Hong Kong’s Hang Seng Index rose 0.81%, while mainland’s CSI 300 lost 0.13% to 4,645.91. India’s Nifty 50 added 0.83%. Taiwan’s Taiex inched 0.58% higher to 27,947.09. Oil prices fell nearly 1% on Wednesday, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses. Brent crude futures slipped 60 cents, or 0.9%, to $64.56 a barrel by 1007 GMT after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude was down 62 cents, or around 1%, at $60.42 a barrel, after climbing 1.5% in the previous session. “Overall, both WTI and Brent remains well and truly stuck, with short term speculative trading providing most of the activity,” said Ole Hansen, head of commodity strategy at Saxo Bank. Gold prices were steady on Wednesday as investors awaited a U.S. House of Representatives vote on a deal to reopen the federal government, which could pave the way for clarity on economic data and the potential path for Federal Reserve rate cuts. Spot gold was steady at $4,131.80 per ounce, as of 0837 GMT. U.S. gold futures for December delivery rose 0.5% to $4,137.20 per ounce. “Everyone is awaiting more clarity on the government shutdown and when the data is coming out of the U.S. again,” said UBS analyst Giovanni Staunovo.
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