S&P Futures Rise as Oil and Bond Yields Fall; Market Awaits Jobs Report and Broadcom Earnings
U.S. stock futures edged higher on Wednesday after three consecutive days of losses, supported by falling oil prices and a retreat in bond yields. West Texas Intermediate crude dropped over 1% amid heightened tensions between the U.S. and Iran near the Strait of Hormuz, which helped ease inflation concerns. Dell Technologies surged more than 9% pre-market following strong Q2 results and an upgraded full-year outlook driven by robust demand for AI servers. However, chip and AI infrastructure stocks remained under pressure due to elevated bond yields impacting valuations. Investors are now looking ahead to the ADP employment report and Broadcom’s quarterly earnings. Economic data showed a resilient but slowing U.S. economy, with job openings slightly below expectations and manufacturing activity weaker than anticipated. Fed Governor Michael Barr indicated openness to rate hikes if inflation does not moderate sufficiently.
Tickers: $ALMS $AMAT $CRWD $DELL $EIX $LRCX $PANW $PCG $PCG PRX
Topics: AI stocks bond yields oil prices S&P Futures