US stock futures edged upward on Wednesday, extending momentum after the benchmark indexes notched fresh records during the regular session.
Futures linked to the S&P 500 (ES=F) rose about 0.3%, while Nasdaq 100 futures (NQ=F) jumped 0.8%. Contracts tied to the Dow Jones Industrial Average (YM=F) climbed 0.1%.
Extended hours trading was defined by outsized tech moves. Advanced Micro Devices (AMD) surged nearly 15% after beating earnings expectations and issuing an upbeat second-quarter forecast. Meanwhile, Super Micro Computer (SMCI) rallied 18% following stronger-than-anticipated fiscal fourth-quarter guidance.
During Tuesday’s session, the S&P 500 (^GSPC) gained 0.8%, and the Nasdaq Composite (^IXIC) climbed 1%, with both closing at record highs. The Dow Jones Industrial Average (^DJI) advanced 0.7%.
Upbeat investor sentiment has been supported by a steady stream of earnings beats. Roughly 85% of reporting S&P 500 companies have exceeded profit expectations, while about 77% have delivered upside revenue surprises.
Jobs data has been in focus this week. Tuesday saw the release of the JOLTS report, and Wednesday’s private employment report from ADP will follow. April’s layoff announcement data from the outplacement firm Challenger, Gray & Christmas will land Thursday.
Looking ahead, earnings continue to roll through with Novo Nordisk (NVO), The Walt Disney Company (DIS) and Uber (UBER) all reporting before the market opens Wednesday.
LIVE 1 update
- Oil drops for second day after Trump talks about progress in Iran deal
Bloomberg reports:
Oil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.
Brent (BZ=F) dropped toward $108 a barrel after sliding 4% on Tuesday, while West Texas Intermediate (CL=F) was near $100. US efforts to move ships through the Strait of Hormuz will be paused, but a naval blockade will remain in place, Trump said in a Truth Social post.
The global benchmark has climbed by about 50% since the conflict started at the end of February, cutting off hundreds of millions of barrels of Persian Gulf oil from global markets. Flows through the chokepoint are now constrained by a double blockade, with Tehran obstructing shipping while the US is stopping vessels from accessing Iranian ports.