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US Stock Futures Flat as Fed Minutes, Earnings Loom

US Stock Futures Flat as Fed Minutes, Earnings Loom. Source: Luca Marfè at Italia all'ONU, CC BY 2.0, via Wikimedia Commons

U.S. stock futures were largely unchanged in Asian trading Wednesday after the S&P 500 and Nasdaq Composite reached record closing highs, with investors awaiting Federal Reserve meeting minutes and the upcoming third-quarter earnings season.

S&P 500 Futures were flat at 7,874.75, while Nasdaq 100 Futures slipped 0.1% to 31,457.25. Dow Jones Futures declined 0.2% to 51,723.0 by 02:33 ET (06:33 GMT).

Wall Street ended higher Tuesday, supported by continued strength in artificial intelligence stocks. The S&P 500 gained 0.6% to 7,818.93, marking its first close above 7,800. The Nasdaq Composite climbed 0.5% to a record 27,599.79, while the Dow Jones Industrial Average advanced 0.5% to 51,521.28.

AI-related semiconductor stocks remained a major market driver. Advanced Micro Devices and Marvell Technology rose amid optimism over strong demand for chips powering AI infrastructure, while Nvidia remained near a $6 trillion market valuation.

Investors also assessed a Financial Times report that Elon Musk’s SpaceX is seeking to raise $40 billion to finance purchases of Nvidia chips for its Colossus data centers.

Treasury yields remained another focus. The benchmark 10-year U.S. Treasury yield climbed to 5.31% Wednesday after ending the previous session near 5.28%. It had surpassed 5.35% on Monday, reaching its highest level since April 2002.

Markets are now awaiting minutes from the Federal Reserve’s September meeting for insight into policymakers’ views on further interest-rate increases. Expectations for an October rate hike have declined sharply following softer U.S. employment and inflation figures. Interest-rate futures indicate roughly an 80% probability that the Fed will leave rates unchanged this month.

Meanwhile, oil prices moved higher in Asian trading, with Brent crude rising above $101 a barrel as attacks by Iran-backed Houthi forces in Saudi Arabia renewed concerns over Middle East energy supplies.

Attention is also shifting toward corporate results, with the U.S. third-quarter earnings season set to begin in earnest next week.

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