Wall Street futures pointed modestly higher pre-bell as traders favored technology shares while anticipating insights into the US economy's strength. Index heavyweight and AI-chipmaker Nvidia saw its shares gain 1.9% in pre-market trading, building on a 3.4% rise from Monday, driven by media reports indicating robust demand for integrated circuits.
The November Job Openings and Labor Turnover Survey (JOLTS) is set to release at 10 am ET in Washington, providing potential insights into the tightness of the US labor market and the implications for Federal Reserve monetary policy. In the futures market, major indices including the S&P 500, Nasdaq, and Dow Jones all showed slight gains, climbing approximately 0.1% from Monday's closing figures.
Meanwhile, Asian exchanges displayed mixed results overnight. Tokyo’s stocks advanced, buoyed by strong performance in the technology sector; however, Hong Kong's market experienced a decline amid rising tensions regarding trade between Beijing and Washington. In European markets, stocks tracked moderately higher through midday trading.
Enovix, the advanced battery manufacturer, saw its shares rise 9.3% during pre-bell trading after announcing the successful completion of site acceptance testing (SAT) for its high-volume manufacturing line located in Malaysia. The company has plans to significantly increase production capacity by 2025.
RPM International is also slated to report its earnings pre-bell among other significant announcements. Additionally, on the economic calendar, the bulletin on international trade in goods and services for November will be released at 8:30 am ET, followed by the ISM Services Index final report for December at 10 am.
Richmond Federal Reserve President Thomas Barkin is scheduled to speak at 8 am. In premarket action, Bitcoin is trading at $101,537 while West Texas Intermediate crude oil has increased slightly to $73.68. The yield on 10-year US Treasuries stands at 4.64%, and spot gold trades at $2,644 an ounce..