Wednesday morning is bringing signs that Tuesday’s market pullback may have been a brief pause. U.S. stock futures edged higher, with contracts tied to the Nasdaq up 0.3% and S&P 500 futures gaining 0.2%. Dow Jones Industrial Average futures were fractionally positive.
The move follows Tuesday’s decline, when the Nasdaq slipped 1%, the S&P 500 fell 0.6%, and the Dow eased 0.2%, snapping a three-session streak of record closes. Stocks opened strong, with the Dow and S&P 500 touching intraday highs before retreating after Fed Chair Jerome Powell cautioned that equities appeared “fairly highly valued” in his first remarks since the central bank’s recent rate cut.
Tech stocks that weighed on markets yesterday were bouncing back premarket. Amazon rose nearly 2% and Nvidia gained about 1%. Nvidia partner Micron Technology added roughly 1% after reporting record quarterly sales fueled by AI hardware demand. Alibaba surged nearly 10% after boosting its investment in AI infrastructure and models.
Elsewhere, Lithium Americas shares jumped 60% on reports the Trump administration may take a stake in the company, which is working with General Motors on a Nevada lithium mine. GM shares gained 3%.
Commodities were mixed: gold retreated 0.5% to just under $3,800 an ounce after setting another record earlier in the session, while West Texas Intermediate crude climbed 1% to $64 a barrel.
In fixed income and currencies, the 10-year Treasury yield held near 4.11%. Bitcoin rose 1% to nearly $113,000. The U.S. dollar index gained 0.5% to 97.71, recovering from last week’s two-year low.
