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postUS stock futures edged higher on Wednesday as Wall Street waited for the latest Federal Reserve minutes to provide hints to future policy amid a shutdown-driven dearth of data.
Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-dominated Nasdaq 100 (NQ=F) all moved up roughly 0.2%, on the heels of a losing day for the major gauges.
Meanwhile, gold (GC=F) futures continued their record-breaking rally after topping $4,000 per ounce for the first time on Tuesday. Investors have piled into the haven asset as a “debasement trade” alternative to the dollar.
Caution is seeping into markets as the AI trade loses its fizz, as questions emerge about AI spending and a potential dot-com-style bubble in stocks. The S&P 500 (^GSPC) and Nasdaq (^IXIC) snapped a seven-day run of gains on Tuesday amid doubts over cloud profit outlook at Oracle (ORCL).
At the same time, the US government shutdown weighed heavier on spirits as it entered its seventh day, depriving Wall Street and the Federal Reserve of fresh economic data.
Later today, investors get minutes from the Fed’s September meeting, when it switched to lowering interest rates for the first time in 2025. The watch is on for any risk to expectations for two more cuts this year, as policymakers remain divided on policy and the lack of data inputs clouds calculations over the Fed’s next move.
The federal stoppage continues to breed uncertainty, with no end to the gridlock in sight. Meanwhile, President Trump has threatened to withhold back pay for furloughed government workers, fueling concerns about the economic impact of the political drama.
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Premarket trending tickers: QunatumScape, FedEx and Nano Nuclear
Here’s a look at some of the top stocks trending in premarket trading:
FedEx (FDX) stock fell 2% before the bell on Wednesday after an SEC filing revealed that Prime Capital Investment advisors sold 4,610 shares in the courier service, lessening its stake.
QuantumScape (QS) stock rose 7% premarket. The company recently partnered with PowerCo SE and showed off its solid-state batteries at the IAA Mobility conference. In addition, QuntumScape and Corning (GLW), a glass ceramics company, announced an agreement for to develop a ceramic separator manufacturing capabilities for QS solid-state batteries.
Nano Nuclear Energy Inc. (NNE) shares fell 8% in premarket trading on Wednesday after the company, which is focused on developing clean energy solutions, announced it had entered into securities purchase agreements with institutional investors for the purchase and sale of 8,490,767 shares of common stock
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Goldman says we aren’t in a stock market bubble — yet
Big fan of the work from Goldman Sachs strategist Peter Oppenheimer.
So when he posts something today with the headline: “Why we are not in a bubble … yet” it certainly gets my attention.
Here’s how Oppenheimer is thinking through this:
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SoftBank to buy ABB’s robotics business in $5.4 billion deal
SoftBank (SFTBY, 9984.T) has agreed to buy ABB’s (ABBN.SW, ABBNY) robotics unit in a $5.4 billion deal with the Swiss engineering giant.
The move is seen as furthering the Japanese conglomerate’s focusing on marrying hardware with AI.
Reuters reports:
Read more here.
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The Fed’s rate debate rages on as central bank flies blind in shutdown
Fed officials are still split about how much to cut interest rates as the government shutdown deprives policymakers of key data, with some worried more about inflation and others more concerned about the job market.
The newest Fed governor appointed by President Trump, Stephen Miran, and Kansas City Fed president Jeff Schmid reflected this division in speeches this week.
Yahoo Finance’s Jennifer Schonberger reports:
Read more here.
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HSBC serves up some reality on Intel
Intel’s (INTC) stock is up a sizzling 90% in the past six months. It’s definitely not because of strong performance.
The veteran chipmaker can now count Nvidia (NVDA) and the US government as major investors. More investment deals are likely, but the Street is beginning to view Intel’s stock as too lofty, valuation-wise, even given its new high-profile investors.
HSBC analyst Frank Lee is out this morning with a reality check on Intel. He downgraded his rating on the company to Reduce from Hold.
He lays out why:
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Nvidia to invest in Musk’s xAI as part of $20 billion funding
Elon Musk’s xAI (XAAI.PVT) is raising more financing than it initially planned, with Nvidia (NVDA) one of the backers tapped to lift ongoing funding to $20 billion, per Bloomberg.
The financing scheme will buy Nvidia chips and rent them to the AI startup for use in its upcoming Colossus 2 data center megaproject in Memphis, sources said.
Nvidia has pledged to invest up to $2 billion in the equity part of the deal. The AI chipmaker’s shares traded slightly higher in Wednesday’s premarket after the report.
Bloomberg reports:
Read more here.
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Confluent stock rises as data streaming software maker explores sale
Confluent shares rose 18% in premarket trading on Wednesday after announcing it is exploring a sale due to attracting acquisition interest, according to people familiar with the matter.
Reuters reports:
Read more here.
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Gold continues push towards $4,000 an ounce
Gold (GC=F) notched a new record high just below $4,000 as futures pushed over the mark for the second time this week.
Bloomberg reports:
Read more here.
