U.S. stock futures rose early Wednesday, propelled by a robust artificial intelligence-driven rally observed on Tuesday, as anticipation mounts for a potential interest rate reduction in December.
Markets will observe a closure on Thursday in observance of Thanksgiving and will conclude trading early at 1 p.m. ET on Friday.
As of 3:12 a.m. EST on November 26, futures for the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) were appreciating by 0.47%, 0.36%, and 0.25%, respectively.
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In Tuesday’s regular trading session, all three major indices ascended for the second consecutive day during this abbreviated holiday week. The Dow experienced a notable increase of 1.43%, achieving a third successive positive finish, while the S&P 500 surged by 0.91%, and the Nasdaq increased by 0.67%.
Tech behemoth Alphabet (GOOGL) reached another 52-week apex at $328.83, following reports that Meta (META) is poised to invest billions in the installation of Google’s TPUs within its data centers starting in 2027.
In contrast, chip manufacturer Nvidia (NVDA) faced a decline of 2.6%, as investor apprehensions regarding escalating competitive pressures from Alphabet emerged.
Currently, traders are attuned to factors that may influence the Federal Reserve’s imminent monetary policy determinations. Significant economic indicators, including September’s Durable Goods Orders and initial jobless claims, are set to be released today.
On the corporate earnings horizon, Li Auto (LI) and Deere (DE) will disclose their quarterly results today.
In notable developments, the U.S. 10-year Treasury yield has risen, hovering around 4.01%. WTI crude oil futures have also trended upwards, nearing $58.01 per barrel at the last check. Furthermore, the Gold Spot U.S. dollar price increased to approximately $4,158 per ounce on Wednesday.
Across the pond in Europe, markets opened predominantly on an upswing on Wednesday, as expectations build for the UK’s Autumn Budget statement, where the Chancellor will delineate government expenditure, taxation, and economic forecasts for the forthcoming year.
Asia-Pacific Markets Displayed Gains
Asia-Pacific markets exhibited a predominantly positive trajectory on Wednesday, tracking the gains seen on Wall Street amid hopes of an imminent rate cut in December.
Hong Kong’s Hang Seng Index advanced by 0.16%. The Shanghai Composite in China dipped slightly by 0.15%, while the Shenzhen Component rose by 0.26%. In Japan, the Nikkei surged by 1.85%, with the Topix following suit, climbing 1.96%.
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