Check back for updates throughout the trading day
U.S. equity futures traded mixed again Wednesday, while Treasury yields and the dollar nudged higher, as investors focused on the strength of a tech sector rebound while eye a key inflation reading later in the week.
Tech stocks lead Wall Street higher yesterday, with a near 7% surge for Nvidia (NVDA) , which snapped a three-day losing streak, helping the Nasdaq to a 1.26% gain that steadied investor sentiment and flowed-through to markets in Europe and Asia in overnight dealing.
Micron Technology (MU) will post its third quarter earnings after the close of trading today, with investors looking for a robust near-term demand outlook for it AI-powering memory chips to cement the sector’s bullish tone heading into the summer months.
Nvidia will also be in focus with its annual general meeting later today in Santa Clara, California.
Related: Analysts revisit Micron stock price targets ahead of Q3 earnings
Another stock on the move this morning is FedEx (FDX) , which surged 13.6% higher in premarket trading after the world’s second-largest package delivery firm forecast better-than-expected full-year profits following a solid third quarter earnings report.
Rivian Automotive (RIVN) shares, meanwhile, were flying more than 38% higher after the EV truckmaker struck a deal with Volkswagen that will see the German invest more than $5 billion in a joint carmaking venture.
Nvidia remains a key cog in the market’s recent record run, with investors looking to the AI chipmakers’ AGM later today in Santa Clara.
Heading into the start of trading on Wall Street, futures tied to the S&P 500 are priced for a modest 4 point opening bell gain, with the Dow set for a 38 point decline.
The tech-focused Nasdaq, meanwhile, is called 44 points higher with early gains from Nvidia, Micron and Apple (AAPL) driving the advance.
In overseas markets, Europe’s Stoxx 600 added 0.22% in early Frankfurt trading with investors warily eying this weekend’s parliamentary elections in France, while Britain’s FTSE 100 rose 0.32% ahead of next week’s national elections on July 4.
More Wall Street Analysts:
Analyst updates Oracle stock price target after earningsAnalyst reboots Trade Desk stock price target after Netflix dealAnalysts adjust Micron stock price target ahead of earnings
Overnight in Asia, the yen hit a fresh 34-year low of 160.245 against the U.S. dollar, prompting more speculation of intervention from officials in Japan the currency in global markets.
The weakness, however, helped the Nikkei 225 rise 1.26% by the close of trading in Tokyo, well outpacing the 0.21% gain for the regional MSCI ex-Japan benchmark.
Related: Veteran fund manager picks favorite stocks for 2024
