United States stock futures traded slightly higher on Tuesday night (Wednesday AEDT) after major benchmarks recouped some of Monday’s losses, lifted by a rebound in bitcoin and renewed strength in technology shares.
As of 10:40 am AEDT (11:30 pm GMT), Dow, S&P 500, and Nasdaq 100 futures were each by 0.1%.
In after-hours trade, Marvell Technology surged 10.4% after reporting third-quarter earnings and revenue that topped Wall Street expectations.
American Eagle Outfitters also jumped 10.3% after raising its full-year forecast, citing a strong start to the holiday shopping season.
Earlier in the session, the major U.S. benchmarks closed higher across the board as names like Nvidia advanced and bitcoin bounced back a day after recording its worst drop since March.
Investors are assessing whether conditions are in place for a year-end rally, with December historically favourable for equities and November’s pullback leaving valuations less stretched.
Traders are cautiously optimistic ahead of the Federal Reserve’s 10 December interest rate decision. Markets are pricing in roughly an 89% chance of a rate cut at the meeting, sharply higher than mid-November levels, according to the CME Group FedWatch Tool.
Attention now turns to the ADP private payrolls report for November, due later on Wednesday, which is expected to show a stable labour market and help shape expectations ahead of the Fed’s policy call.
