Before the Bell
Technology is setting the tone this morning. Nasdaq 100 futures are up +0.6% and S&P 500 futures +0.2%, while Dow futures are flat. SpaceX reported its first profit as a public company late Tuesday, on revenue up 161% from a year earlier, and Super Micro Computer forecast sales and margins above estimates. Both bear on the market's biggest question, whether AI data-center spending will pay off, after eight straight losing sessions for chip stocks. Brent crude is holding near $109, with Iran keeping the Strait of Hormuz closed, and the 10-year Treasury yield is steady at 5.12%.
On Tuesday the S&P 500 rose 0.28% to 7,712.57 and the Dow gained 1.02% to 52,495.88, while the Nasdaq Composite slipped 0.02% to 26,424.82. Equifax (+11.3%) and Hasbro (+11.2%) jumped after topping estimates, and General Motors fell 6.8% after cutting its profit outlook. Overnight, Asia was split: South Korea's KOSPI rose 3.3% and Japan's Nikkei 0.9% on chip-led AI buying, while China's CSI 300 fell 1.0%. Europe's Stoxx 600 is up about 0.5%.