U.S. stock futures steadied early Wednesday after a pullback in the prior session, as market participants parsed through conflicting signals from the artificial intelligence sector and grappled with ongoing concerns about the economic outlook amid a protracted government shutdown. Meanwhile, gold prices hit an all-time high above $4,000 per ounce, buoyed by persistent economic uncertainty and the continued disruption in federal operations.
As of 05:13 P.M. (GMT+7), Dow Jones futures increased 45.50 points, or 0.10%, to 46,648.50 points while S&P 500 futures added 3.60 points, up 0.05%, to 6,718.20 points. Nasdaq 100 futures also gained by 32.20 points, or 0.13% to 24,872.40 points.
The previous trading day saw all three major U.S. indices retreat from record levels: the S&P 500 dropped 0.4%, the Nasdaq Composite shed 0.7%, and the Dow declined 0.2%. The selloff followed weakness in shares of Oracle, pressured after a report from The Information raised fresh concerns over the profitability of its AI cloud infrastructure business, which is facing elevated costs associated with investments in emerging AI technology.
Despite these sector-specific headwinds, sentiment surrounding artificial intelligence remained a central theme. Shares of AMD built on gains following a recent deal with ChatGPT developer OpenAI, while IBM rose on news of a partnership with Anthropic. Dell rallied further after issuing improved long-term financial guidance for its AI server business.
With the U.S. government shutdown delaying the release of several key economic reports, investors have increasingly relied on alternative gauges to assess the state of the economy. The lack of official data weighed on sentiment Tuesday, especially in light of a New York Federal Reserve survey that revealed weakening expectations for future economic conditions and heightened inflation concerns.
The Federal Reserve is set to release minutes from its latest policy meeting, which investors hope will provide additional clarity on the central bank’s outlook. Separately, news surfaced that Nvidia, a bellwether for the AI sector, is reportedly among backers in xAI’s $20 billion fundraising round.
