U.S. stock futures traded mixed on Wednesday morning as concerns about lofty valuations of artificial intelligence (AI) stocks continued to weigh on investor sentiment. Notably, Advanced Micro Devices (AMD) stock was down about 3% in pre-market trading despite the chipmaker’s upbeat Q3 results. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down 0.21% and 0.14%, respectively, while those on the Dow Jones Industrial Average (DJIA) were up 0.01% at 8:25 a.m. EST on November 5.
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During Tuesday’s regular trading session, the three major indexes closed lower amid valuation concerns. News that Michael Burry’s Scion Asset Management had bought put options against both Palantir and Nvidia (NVDA) added to investor woes. The S&P 500, the Nasdaq Composite, and the Dow fell 1.17%, 2%, and 0.53%, respectively, yesterday.
Coming to trending stocks, Super Micro Computer (SMCI) shares were down 8% in pre-market trading on dismal Q3 results. Also, shares of social media platform Pinterest (PINS) plunged 19% after missing Q3 earnings estimates and issuing weak guidance. Fast food chain McDonald’s (MCD) lagged the Street’s Q3 earnings and revenue expectations, but reported better-than-expected same-store sales growth.
Investors await earnings reports from IonQ (IONQ), Qualcomm (QCOM), Lucid (LCID), AMC Entertainment (AMC), Robinhood (HOOD), and Snap (SNAP), after the market closes on Wednesday.