Updated 1 min read
In This Article:
US stock futures searched for a footing on Wednesday after the S&P 500 (^GSPC) erased its losses for 2025 and Wall Street continued to debate the state of play on tariffs.
Futures on the S&P 500 (ES=F) edged up 0.2%, while Dow Jones Industrial Average futures (YM=F) hovered above the flat line. Contracts on the Nasdaq 100 (NQ=F) rose roughly 0.4% after Nvidia (NVDA) powered Tuesday's tech-led rally for stocks.
Prospects for the chipmaker — and the AI trade more widely — got a boost from plans to overhaul curbs on chip exports and new AI deals led by Saudi Arabia. The President Trump-backed moves come as markets debate the staying power of a "Magnificent Seven" rally driven by the US-China trade truce.
Nvidia server maker Foxconn (2317.TW, HNHPF) flagged strong AI demand as its posted a 91% surge in quarterly profit on Wednesday. But the Taiwanese partner to Apple (AAPL) also cut its full-year outlook, citing uncertainty around tariffs.
Read more: The latest on Trump's tariffs
Earnings season elsewhere continued to show strain from trade tensions. American Eagle (AEO) became the latest company to withdraw guidance due to "macro uncertainty" on Tuesday, and the clothing retailer's stock tumbled in premarket trading.
In Japan, Sony (SONY) said it expects a $700 million impact from US tariffs and offered a disappointing forecast that wipes out its expected rise in profit.
LIVE 6 updates
Dollar extends losses for second day
The dollar extended declines on Wednesday morning, following a significant move lower overnight, as inflation and trade tensions eased.
The US dollar index (DX-Y.NYB), which tracks the dollar against a basket of currencies, fell 0.41% to 100 as the Japanese yen and South Korean won strengthened.
Reuters reports:
Good morning. Here's what's happening today.
Super Micro stock set for more gains after bullish rating
Shares of Super Micro Computer (SMCI) jumped almost 10%, poised to extend sharp gains booked in Tuesday's big tech rally.
The AI server maker was also basking in an Outperform rating from Raymond James analysts as they initiated coverage of the stock, calling Super Micro a "market leader".
Oil falls as traders note jump in US crude stockpiles
The China tariff pause has Wall Street scaling back recession calls
Yahoo Finance's Josh Schafer reports:
eToro Group plans upsized IPO months after SEC registration issues
Reuters reports:
eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO) priced above market range, the company said on Tuesday.
The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50.
The stock is expected to begin trading on the Nasdaq Global Select Market under the symbol "ETOR" on Wednesday, May 14.
