October 16, 2024

Dow Jones Today: Stock Futures Inch Higher as Market Looks to Rebound From Selloff

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Futures are pointing to a slightly higher open for major indexes on Wednesday as the stock market looks to recover from sharp declines yesterday.

Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were each up less than 0.1% about 45 minutes before the opening bell. The major indexes hit record highs earlier this week but tumbled on Tuesday, led by a selloff in chip and energy stocks, while investors digested a slew of corporate earnings reports.

Chip stocks were rebounding in premarket trading Wednesday, with AI investor favorite Nvidia (NVDA) up abut 0.8% while Broadcom (AVGO), Arm Holdings (ARM), Micron (MU), Advanced Micro Devices (AMD) and other chipmakers also gained ground. The VanEck Semiconductor ETF (SMH) was up 0.5% ahead of the bell.

Other large-cap technology stocks were mixed. Apple (AAPL), which hit a record high on Tuesday, was down slightly, while Microsoft (MSFT) and Meta Platforms (META) also lost ground. Amazon (AMZN) and Alphabet (GOOGL) were up slightly.

Several of the oil companies that fell on Tuesday—including ExxonMobil (XOM), Chevron (CVX), Valero (VLO) and Diamondback Energy (FANG)—were slightly higher ahead of the bell this morning, as crude oil prices stabilized after two straight days of steep declines.

Among other noteworthy movers, shares of Morgan Stanley (MS) were up 3% in premarket trading after the investment banking giant reported better-than-expected earnings. United Airlines (UAL) shares were also higher after releasing strong results and announcing a stock buyback program.

The economic data calendar is light on Wednesday but picks up in the coming days. Market participants are keeping close tabs on economic data and comments from Federal Reserve officials for indications that the economy remains on sound footing and that the central bank is poised to continue cutting interest rates.

The yield on 10-year Treasurys, which had increased in recent weeks as expectations for big rate cuts by the Fed have subsided, was down slightly at 4.03%.

Gold futures were up nearly 1% at just below $2,700, a level the precious metal hasn’t hit since Sept. 26. Bitcoin was up nearly 2% at $68,000, trading at its highest levels since late July.

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