Pre-Market Brief: US Futures Mixed After Dow Record as Tech Shares Weigh on Nasdaq
As of 9:00am Malaysia time / 9:00pm New York time, U.S. stock futures were pointing to a mixed open on Wednesday. E-mini S&P 500 futures were last trading around 7,626.50, up approximately 0.45%, while Dow futures showed gains near 44,000, up about 1.52%. Nasdaq-100 futures were down around 23,400, off roughly 0.63%.
The mixed futures session follows Tuesday's U.S. trade where the Dow closed at a record 51,999.67, gaining 328.64 points or 0.64%. The S&P 500 slipped 0.57% to 7,511.35 and the Nasdaq Composite fell 1.15% to 26,376.34, easing back from Monday's rally driven by artificial intelligence optimism.
On the week, the Dow is up 4.17% from last Wednesday's close, the S&P 500 has gained 3.36%, and the Nasdaq has climbed 4.79%, remaining in positive territory despite Tuesday's pullback.
The Cboe Volatility Index (VIX) was around 16.04, down about 9.29% from the previous session, signaling reduced market anxiety as equity markets stabilize near record levels. The decline in volatility demand has been gradual as investors weigh mixed economic signals.
In bond markets, the 10-year U.S. Treasury yield was last seen near 4.43%, down from approximately 4.54% a week ago, as bond prices rally amid moderating inflation expectations.
Commodity markets showed divergent moves. Gold was priced around $4,357.80 per ounce, up roughly 6.5% from last week, supported by geopolitical uncertainty and dollar weakness. Meanwhile, West Texas Intermediate crude oil futures fell sharply after reports of a U.S.-Iran interim deal eased fears of supply disruption. Crude was trading near $75.83 per barrel, down about 5.8% on the day.
Bitcoin was trading around $65,700, up approximately 2% on the week, maintaining its recent range-bound pattern above the $65,000 mark.
Investors are watching upcoming economic data releases and Federal Reserve commentary for further direction on the interest rate outlook. Markets are also monitoring developments in U.S.-China trade relations and the ongoing impact of energy price volatility on corporate earnings.
Sources: Reuters, Yahoo Finance, CME Group, Cboe, TradingView
