U.S. stock futures remained largely unchanged Wednesday after the S&P 500 reached new intraday and closing record highs, driven by strong performance in technology stocks, particularly chipmakers like Marvell Technology and Advanced Micro Devices.
Global markets showed mixed results, with Asian indices mostly declining and European stocks opening lower. Bond yields experienced a slight pause in their recent upward trend, though geopolitical concerns continue to weigh on investor sentiment.
Investors are now anticipating the release of the Federal Reserve’s September meeting minutes for further clues on future monetary policy decisions.
U.S. equity futures showed minimal movement early Wednesday, following a trading session where the S&P 500 achieved fresh all-time intraday highs and a record close, propelled by a robust rally in technology stocks.
Futures contracts for the Dow Jones Industrial Average experienced a slight dip of 0.08%, equating to a loss of 44 points. In contrast, S&P 500 futures edged up by 0.06%, while Nasdaq-100 futures remained flat.
During Tuesday's regular trading session, the S&P 500 saw a gain of 0.58%, extending its winning streak to four consecutive sessions and surpassing the 7,800 mark for the first time in history. The Dow Jones Industrial Average climbed 0.49%, and the Nasdaq Composite increased by 0.45%.
The technology sector, particularly chipmakers, was a major driver of Tuesday's gains. Marvell Technology surged by 5.8% following an upward revision of its revenue guidance. Advanced Micro Devices (AMD) also saw a significant boost, rising 2.8% after Citi analysts elevated their price target, citing increasing demand for central processing units.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 25, 2026. (Brendan McDermid | Reuters)
In Asian markets, Japan's Nikkei 225 closed down 0.92%, with the broader Topix falling 0.7%. South Korea's Kospi declined by nearly 2%, and the smaller Kosdaq lost 2.34%. Australia's S&P/ASX 200 index finished flat. The Chinese mainland market remained closed for the Golden Week holiday.
Bond yields paused their upward trend on Tuesday, which had begun in late February, coinciding with the start of the U.S.-Israel war on Iran. The 10-year Treasury yield was last trading at 5.286%, after reaching its highest level since April 2002 on Monday. The 30-year Treasury yield hovered around 5.661%, and the 2-year yield slipped to 4.798%.
Despite this brief respite, concerns linger regarding a potential decline in foreign demand for U.S. debt due to geopolitical pressures. Investor Ray Dalio commented to Bloomberg, "The Chinese don't want to continue to accumulate... When you have a debtor-creditor relationship and you have an adversary relationship, that's a very difficult dynamic."
Energy prices were stable on Tuesday, providing additional support to the equity rally. Both West Texas Intermediate crude oil and global benchmark Brent crude oil finished trading up less than 1%.
Market participants are now looking ahead to the release of the minutes from the Federal Reserve's September meeting, where the U.S. central bank implemented its first interest rate hike since 2023. The minutes, scheduled for release on Wednesday, are expected to offer insights into the monetary policymakers' current views on economic conditions.
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