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postUS stock futures leaned higher on Wednesday after another tech-led selloff, in the countdown to closely watched earnings from Nvidia (NVDA) that will set the tone for the next leg of the AI trade.
Futures on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) moved up about 0.4% and 0.5%, respectively. Meanwhile, Dow Jones Industrial Average futures (YM=F) edged up 0.2% on the heels of another day for sharp losses for stocks.
Investors are now bracing for Nvidia’s third-quarter earnings due after Wednesday’s close. Signs are the chipmaking giant’s report could swing its stock up to 7% in either direction. More broadly, it could prove a make-or-break moment for an S&P 500 (^GSPC) rally spurred by hopes for AI-fed growth, in particular for Nvidia.
Concerns about Big Tech’s massive spending on the AI buildout have fed into multiday declines for the Dow (^DJI), S&P 500, and the Nasdaq Composite (^IXIC), as high-profile investors offload holdings. Unease is growing that the likes of Amazon (AMZN) are stepping up their borrowing to fund AI ambitions just as the Federal Reserve looks set to put a brake on interest-rate cuts.
Given that, Fed minutes set for release later will be put under the microscope for insight into the economy and future policy. While that meeting delivered a rate cut despite division at the Fed, traders are now evenly split on whether the central bank will ease again in December.
That view could shift on Thursday, when the market gets the September jobs report — the first major data release since the government shutdown delayed economic updates.
With fresh data still sparse, big-box retailer earnings on Wednesday could offer the clearest read on the state of US consumer spending heading into the holiday season. Results from Target (TGT), Lowe’s (LOW), and TJX Companies (TJX) are due before the opening bell.
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Great bitcoin crash of 2025 has the crypto lagging bonds, gold
Bloomberg reports:
The asset once expected to “go to the moon” is struggling to keep pace with Treasurys. Bitcoin (BTC-USD) has fallen nearly 30% from its 2025 peak, lagging behind everything from tech stocks to T-bills. …
Gold (GC=F) — often dismissed by bitcoin believers as outdated — is easily outperforming the token, which the crypto faithful have dubbed digital gold. So are long-term bonds and the Nasdaq (^IXIC), in a year defined by falling interest rates and shrinking risk appetite.
The underperformance is even starker against benchmarks bitcoin was supposed to outclass. The MSCI Emerging Markets Index is up sharply this year, and even the US Utilities Index — a byword for low-volatility, low-growth stability — has outpaced bitcoin’s slide. …
Once pitched as everything from an inflation hedge to a growth engine and an uncorrelated store of value, the token has fallen short on every count of late. Volatile? Always. Reliable? Less and less.
That matters for professional investors. In diversified portfolios, Bitcoin has failed to offset losses from tariff-driven selloffs or amplify gains during rebounds. Nor has it acted independently when other markets turned volatile. For fund managers who saw crypto as a strategic addition, the disappointment goes beyond performance — it cuts to purpose.
Read more here.
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Constellation Energy rises after US loans $1B to restart nuclear reactor project
Constellation Energy (CEG) stock rose 3% before the bell on Wednesday after the US Department of Energy said it will loan $1 billion to help finance the restart of the nuclear power plant on Pennsylvania’s Three Mile Island that is under contract to supply power to data centers for tech giant Microsoft (MSFT).
The AP reports:
Read more here.
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Gold holds as tech stock drop pushes haven demand
Bloomberg reports:
Read more here.
