Bonds & Stocks
A rebound in technology shares drove stocks higher as a slate of upbeat earnings and optimism that the US government shutdown is nearing an end lifted sentiment. Nasdaq 100 futures climbed 0.6% as Nvidia Corp. led gains across the Magnificent Seven in premarket trading. Advanced Micro Devices Inc. jumped more than 5% after forecasting faster sales, while Nvidia partner Hon Hai Precision Industry Co. and Europe’s Infineon Technologies AG offered rosy forecasts. Contracts on the S&P 500 rose 0.3%, pointing to extended gains after investors shunned tech in favor of defensives on Tuesday. Treasuries rallied, catching up with the prior session’s advance in futures after the cash market was shut for Veterans Day. The dollar edged higher and gold was little changed.
Economy
US Treasury Secretary Scott Bessent says “substantial announcements” on coffee, bananas and other food imports are coming from the Trump administration in the next couple of days. Bessent, in an interview Wednesday morning on Fox News, said the steps are designed to offer short-term relief on prices. President Donald Trump, he added, remains focused on raising inflation-adjusted wages as a primary measure to ease pressures on households.
World
China’s purchases of American soybeans appear to have stalled, less than two weeks after the US touted a wide-ranging trade truce that signaled thawing relations between the world’s two biggest economies. After a flurry of orders late last month — which were the first of this season — Chinese imports of US cargoes seem to have faltered, according to traders who asked not to be identified discussing confidential information.