U.S. stock futures were trading below the flatline on Wednesday after rallying on Tuesday. Futures of major benchmark indices declined in premarket.
Investors will eye the technology bellwether Nvidia Corp.‘s (NASDAQ:NVDA) first-quarter earnings, which will be announced after the market closes.
The S&P 500 broke a four-day losing streak on Tuesday as the markets opened after a long weekend following Memorial Day. The stocks got a boost from President Donald Trump‘s extension of the 50% tariffs on Sunday till July 9th, which he had initially announced on Friday.
Meanwhile, the 10-year Treasury bond yielded 4.47% and the two-year bond was at 3.96%. The CME Group’s FedWatch tool‘s projections show markets pricing a 97.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.25% |
| S&P 500 | -0.22% |
| Nasdaq 100 | -0.20% |
| Russell 2000 | -0.39% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Wednesday. The SPY was down 0.25% to $589.65, while the QQQ declined 0.22% to $520.09, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks settled higher Tuesday, with information technology, consumer discretionary, and communication services leading gains across all S&P 500 sectors.
In corporate news, AutoZone Inc. (NYSE:AZO) reported weaker third-quarter earnings, while E2open Parent Holdings Inc. (NYSE:ETWO) surged 25% on news of a $2.1 billion acquisition by WiseTech Global.
On the economic front, March’s S&P CoreLogic Case-Shiller Home Price Index rose 4.1% year-over-year, and new manufactured goods orders dipped 6.3% in April.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 2.47% | 19,199.16 |
| S&P 500 | 2.50% | 5,921.54 |
| Dow Jones | 1.78% | 42,343.65 |
| Russell 2000 | 2.48% | 2,090.40 |
Insights From Analysts:
Jurrien Timmer, the director of global macro at Fidelity Investments, …