Key Moments
- U.S. equity index futures traded higher, with Nasdaq 100 futures up by 208 points, or 0.7%, ahead of Nvidia’s quarterly earnings release.
- Analog Devices advanced after agreeing to buy Empower Semiconductor for about $1.5 billion in cash to expand its AI-oriented power management business.
- Energy stocks including Chevron, Exxon Mobil, and several oil and gas producers traded lower, mirroring weaker oil prices.
Futures Signal Positive Open
U.S. stock index futures were in positive territory on Wednesday as market participants prepared for key earnings from artificial intelligence semiconductor leader Nvidia and monitored persistently high government bond yields.
| Contract | Move (points) | Change (%) | Time |
|---|---|---|---|
| Dow futures | +128 | 0.3% | 06:38 ET (10:38 GMT) |
| S&P 500 futures | +30 | 0.4% | 06:38 ET (10:38 GMT) |
| Nasdaq 100 futures | +208 | 0.7% | 06:38 ET (10:38 GMT) |
Technology and AI-Linked Stocks
Shares of Nvidia were stronger in pre-market trading as investors positioned ahead of the semiconductor group’s quarterly earnings scheduled after the closing bell on Wall Street.
Analog Devices moved higher after the company announced an agreement to purchase Empower Semiconductor for approximately $1.5 billion in cash, aiming to bolster its AI-focused power management operations.
Micron Technology gained following reports that rival Samsung Electronics is facing a potential strike, supporting sentiment around the memory chipmaker.
Energy Sector Under Pressure
Large integrated energy companies Chevron and Exxon Mobil were lower in pre-market activity, as were oil and gas producers Occidental Petroleum, APA Corp, Diamondback Energy, and Devon Energy.
These moves tracked a decline in oil prices after President Donald Trump said that the Iran war could end “very quickly.” However, the Wall Street Journal reported that there had been little headway in talks between Washington and Tehran.
Retail and Consumer Names
Target shares traded higher after the big-box retailer raised its annual sales growth outlook and delivered its strongest quarterly sales increase in years.
Lowe’s slipped even though its quarterly sales exceeded expectations, with the home improvement chain cautioning about conditions in the U.S. housing market.
Individual Stock Highlights
AMC Entertainment jumped after CEO Adam Aron disclosed the purchase of an additional 250,000 shares and said he had “enormous confidence” in the movie theater group.
Cava Group advanced as increased customer traffic to its restaurants supported an upgraded annual sales forecast.
Keysight Technology edged lower following the release of second-quarter results from the measurement instruments provider.
Toll Brothers ticked higher after the luxury homebuilder reported second-quarter profit that topped expectations and raised its full-year guidance.
Red Cat shares rose after the drone manufacturer announced the acquisition of power transfer company Quaze Technologies.
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