Traders work on the floor of the New York Stock Exchange.
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U.S. stock futures fell slightly on Wednesday morning as major average stock prices rose.
Dow Jones Industrial Average futures fell 95 points, or 0.22%. S&P 500 futures and Nasdaq 100 futures fell 0.31% and 0.46%, respectively.
Wall Street is coming off a solid day of trading for major averages as tech stocks outperformed and oil prices fell from their highs. The Dow Jones Industrial Average rose 126 points (0.3%) across 30 stocks. The S&P 500 rose nearly 1%, and the Nasdaq Composite rose about 1.5%.
The moves appear to reflect growing optimism that the Federal Reserve can land a soft landing, especially after last week’s jobs report showed continued strength in the labor market. . Nvidia and Broadcom, which benefit from artificial intelligence, rose 4% and 3%, respectively.
“I think technology will reaffirm its leadership,” Keith Lerner, co-chief investment officer at Trust Wealth, said Tuesday on CNBC’s “Closing Bell.” “Technology revenue trends remain the strongest in our market, and I think we will see more rotation into that space.”
“So, of course, there’s going to be some hiccups along the way,” Lerner said. “However, in our view, the underlying trend is still one that is increasing over time.”
Either way, further turmoil is likely in what is historically the most volatile month of the year, especially just weeks after the US presidential election. Oil prices fell on Tuesday after rising earlier this month on the back of escalating conflict in the Middle East. Meanwhile, the yield on the US 10-year Treasury note has once again exceeded 4%.
On the economic front, investors are looking forward to the latest Fed minutes, to be released Wednesday at 2pm ET. The Consumer Price Index and Producer Price Index for September will be released on Thursday and Friday, respectively.
Earnings season begins Friday for major banks JPMorgan Chase and Wells Fargo.
