US Stock Futures Rangebound After S&P 500, Dow Snap Three-Day Losing Streak As Oil Steadies — MSFT, DELL, UBER, ASTS, AVGO In Focus
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The S&P 500 ended Wednesday 0.5% higher, while the Nasdaq 100 added 0.2% and the Dow Jones Industrial Average gained 0.6%.
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West Texas Intermediate crude steadied at the $ 90-a-barrel level.
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Microsoft released its Azure revenue data for the first time.
U.S. stock indices ended higher on Wednesday after oil prices halted their advance, as investors weighed inflation, economic growth, and the possibility of a rate hike at the upcoming September monetary policy meeting.
The S&P 500 ended Wednesday 0.5% higher, with Dell Technologies Inc. leading the gainers, surging 16% to record its strongest single-day gain since May 29 following a $25 billion upward revision to its annual revenue guidance. The Nasdaq 100 added 0.2% and the Dow Jones Industrial Average gained 0.6%. The Russell 2000, which tracks stocks with small market capitalizations, rose about 1%.
S&P 500 futures were up 0.02%. Dow futures were up 19 points, or 0.04%, and Nasdaq 100 futures were up 0.03% at the time of writing.
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) rose 0.4%, and Invesco QQQ Trust (QQQ) ended Wednesday 0.2% higher, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) was up 0.6%.
Meanwhile, the VanEck Semiconductor ETF (SMH) added 0.9%, while the iShares Semiconductor ETF (SOXX) was flat, tracking gains in Nvidia (NVDA) and Micron Technology (MU). The broader Vanguard Information Technology ETF (VGT) rose 0.2%.
Retail sentiment on Stocktwits for QQQ, SPY, and DIA was ‘bearish’ with ‘high’ message volumes.
US Market Drivers
|
Index |
Move |
Close |
|
Dow Jones Industrial Average |
0.6% |
53,061.95 |
|
S&P 500 |
0.5% |
7,666.60 |
|
Nasdaq 100 |
0.2% |
29,143.33 |
Domestic equities faced renewed headwinds this week as escalating friction between the U.S. and Iran regarding the Strait of Hormuz disrupted a brief lull in hostilities. This geopolitical tension sparked a sudden jump in energy costs amid mounting anxieties of a prolonged conflict. By Wednesday, West Texas Intermediate crude stabilized near the $90-a-barrel threshold as Treasury yields retreated.
“The key driver is oil,” Jay Hatfield, CEO of Infrastructure Capital Advisors, said to CNBC, noting that the market is range-bound in a seasonally weak period. “That’s why the market is able to get a little rally today, because oil’s topping out.”
Economic activity across the United States expanded at a modest pace from early July through late August, strengthened by steady manufacturing orders and strong demand for data center infrastructure, according to the Federal Reserve’s August 2026 Beige Book released on Wednesday.
