Stock futures are fluctuating between slight gains and losses Wednesday, one day after a late-session rally sent the S&P 500 to an all-time high.
Futures tied to the Dow Jones Industrial Average and S&P 500 were each down 0.1% in recent trading, while those linked to the Nasdaq rose fractionally. Stocks kicked off the holiday-shortened trading week on a positive note Tuesday, adding to last week’s solid gains. The Dow and Nasdaq Composite enter Wednesday’s session less than 1% away from record closing highs.
Shares of major tech companies were mixed in premarket trading. Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) were all slightly lower, while Nvidia (NVDA), Alphabet (GOOG) and Tesla (TSLA) inched higher.
Shares of Super Micro Computer (SMCI) were up nearly 8% this morning, extending a huge rally that followed the server maker’s release last week of a rosy outlook for AI-fueled sales growth. The stock, which surged 16% yesterday to lead S&P 500 gainers, has risen 45% over the past week.
Intel (INTC) shares were down 3% ahead of the bell after surging 16% on Tuesday amid reports that the beleaguered chipmaker could sell parts of its business. The Wall Street Journal reported over the weekend that Broadcom and Taiwan Semiconductor Manufacturing Company (TSM) are considering bids for parts of Intel, while Bloomberg reported Tuesday that private equity firm Silver Lake Management is nearing a deal to buy a majority stake in the company’s Altera programmable chips unit.
A handful of stocks were on the move after the release of quarterly earnings reports. Shares of homebuilder Toll Bros (TOL) and Arista Networks (ANET) each fell about 5%, while semiconductor company Analog Devices (ADI) and GPS device maker Garmin (GRMN) each rose 5%.
The yield on 10-year Treasurys, which is sensitive to expectations about where interest rates are headed, was at 4.57% in recent trading, up from yesterday’s close of 4.54%. Investors are awaiting today’s scheduled release of the minutes from last month’s Federal Reserve policy committee meeting. The Fed decided in January to hold its key fed funds rate steady owing to concerns about inflation, ending a three-meeting streak of cuts.
Bitcoin was at $96,300, up from an overnight low around $94,000. Gold futures were up 0.3% at $2,960 an ounce, nearing a record high, while West Texas Intermediate crude oil futures rose 1% to $72.50.
