Stock market today: Dow, S&P 500, Nasdaq futures extend gains as ASML buoys AI trade, earnings roll in
US stock futures edged higher as chipmaking equipment producer ASML (ASML) sent a bullish signal on AI demand and investors awaited a second batch of inflation data to follow Tuesday’s soft consumer price report.
Futures on the Dow Jones Industrial Average (YM=F) rose above the flat line, while those on the S&P 500 (ES=F) gained 0.2%. Nasdaq-100 (NQ=F) futures added 0.5% as stocks looked to build on gains from the day before.
Tech stocks rose in premarket trading after ASML lifted its annual sales forecast above Wall Street forecasts, citing AI demand, and said it plans to increase its production capacity for chipmaking equipment by 30%, which soothed some concerns about bottlenecks in the chip supply chain.
That helped offset pressure from rising oil prices as President Trump said he would intensify attacks on Iran until the country relents. “We’re going to knock out all of their bridges unless they get to the table and negotiate,” Trump told Fox News on Tuesday, per Bloomberg.
On the economic data front, investors will be watching for the Fed’s Beige Book and the Producer Price Index, after the latest Consumer Price Index data showed the largest single-month decline in inflation since April 2020. Markets will also get additional signals from Fed Chairman Kevin Warsh on Wednesday in his testimony before the Senate Banking Committee.
Earnings season, meanwhile, continues to pick up, with financial companies Morgan Stanley (MS) and BlackRock (BLK) reporting results following Wall Street’s message of economic resilience on Tuesday. “It’s getting close to as good as it gets,” JPMorgan CEO Jamie Dimon said about current banking conditions on a call with analysts.
Rounding out the results, Johnson & Johnson (JNJ) and United Airlines Holdings (UAL) also report
