U.S. stock futures climbed early Wednesday following a strong AI-led rally on Tuesday amid expectations of another interest rate cut in December. Markets will be closed on Thursday for Thanksgiving and will close early at 1 p.m. ET on Friday. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.47%, 0.36%, and 0.25%, respectively, at 3:12 a.m. EST on November 26.
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During Tuesday’s regular trading session, all three major indexes closed higher for a second straight day in a holiday-shortened week. The Dow climbed 1.43%, marking a third consecutive positive session, while the S&P 500 surged 0.91%, and the Nasdaq rose 0.67%.
Tech giant Alphabet (GOOGL) hit another 52-week high of $328.83 amid reports that Meta (META) plans to spend billions on installing Google’s TPUs in its data centers beginning in 2027. Conversely, chipmaker Nvidia (NVDA) lost 2.6% as investors reacted to rising chip competition concerns from Alphabet.
For now, traders are keeping their attention on factors that may shape the Federal Reserve’s upcoming monetary policy decision. Key economic reports, including September Durable Goods Orders and initial jobless claims, are due today.
On the earnings front, Li Auto (LI) and Deere (DE) will report quarterly results today.
Notably, the U.S. 10-year Treasury yield was up, floating near 4.01%. WTI crude oil futures were trending higher, hovering near $58.01 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,158 per ounce on Wednesday.
Elsewhere, in Europe, markets opened mostly higher on Wednesday, in anticipation of the UK’s Autumn Budget reading, where the Chancellor will outline government spending, taxation, and economic forecasts for the coming year.
Asia-Pacific Markets Traded Higher
Asia-Pacific markets traded mostly higher on Wednesday, tracking Wall Street gains amid hopes of a December rate cut.
Hong Kong’s Hang Seng Index rose 0.16%. In China, the Shanghai Composite fell 0.15%, while the Shenzhen Component gained 0.26%. Meanwhile, Japan’s Nikkei advanced 1.85%, while the Topix climbed 1.96%.
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