Futures Show Little Movement
At 06:42 ET, Dow Jones futures remained largely unchanged, S&P 500 futures rose by 9 points (0.1%), and Nasdaq 100 futures climbed 64 points (0.3%). The main Wall Street indices had retreated in the previous session, snapping a three-day streak of record-high closes. Tech heavyweight Nvidia slipped after Monday’s surge fueled by its $100 billion investment in ChatGPT-maker OpenAI.
Boeing shares gained after securing an $8 billion order from Uzbekistan Airways, adding support to the Dow.
Powell’s comments came days after the Fed cut interest rates by 25 basis points and suggested more reductions could be possible. He highlighted that policymakers face no “risk-free” options, weighing the trade-offs between supporting growth and controlling inflation. Markets are pricing in potential rate cuts at the Fed’s October and December meetings, while internal debates among officials appear set to intensify.
Analysts note that lower rates could spur investment and hiring, but may also pressure prices upward, keeping investors attentive to upcoming economic data.
Micron Tops Earnings Expectations
Micron’s shares jumped in premarket trading after the company forecasted stronger-than-expected revenue driven by surging demand for DRAM and NAND memory from AI developers. CEO Sanjay Mehrotra reported that the current-quarter midpoint adjusted profit per share is expected at $3.75, well above analysts’ $3.10 estimate, with projected revenue of $12.5 billion.
The firm’s cloud memory business tripled to $4.5 billion, lifting overall quarterly revenue by 46% to $11.32 billion. Micron plans to invest $200 billion in U.S. semiconductor infrastructure over the coming years, including $4.5 billion this quarter alone.
Alibaba Boosts AI Ambitions
Alibaba shares surged over 8% after unveiling its most advanced AI model, Qwen3-Max, with 1 trillion parameters for code generation and autonomous tasks. CEO Eddie Wu reaffirmed the company’s commitment to expand its $53.4 billion AI infrastructure investment over three years. Additional AI products, such as the multimodal Qwen3-Omni system, aim to enhance immersive experiences in virtual reality and intelligent vehicles.
Gold Near Record Highs
Gold prices steadied near all-time peaks as Powell’s cautious remarks stoked concerns over growth, inflation, and interest rates. Spot gold rose 0.3% to $3,775.56 per ounce, while futures slipped 0.2% to $3,807.92. The yellow metal benefits from expectations of potential rate cuts and heightened geopolitical uncertainty, reinforcing its safe-haven appeal.
Looking Ahead
Investors are closely watching economic data releases for additional clarity on inflation and employment trends. The combination of central bank signals, semiconductor earnings, and AI-driven tech investments is likely to continue influencing market sentiment in the near term.