U.S. futures are rising with crude still below US$100 a barrel as shares of Nvidia stabilize in a brutal week for the chipmaker.
Futures for the S&P 500 gained 0.9 per cent on Wednesday, while those for the Dow Jones Industrial Average edged up 0.2 per cent. Nasdaq futures climbed 1.9 per cent.
Nvidia was the single heaviest weight on the S&P 500 on Tuesday, but shares are up 3.7 per cent in early trading Wednesday. They are still down almost 10 per cent this week.
The company that is central to the artificial intelligence boom has been under pressure since the company’s board announced an investigation into its CEO, Jensen Huang, following revelations of his affair with a purported Chinese spy. U.S. President Donald Trump said the FBI is investigating the affair, which Huang has acknowledged and apologized for.
Among other technology stocks, CoreWeave jumped more than 15 per cent before the market opened after posting better-than-expected third-quarter revenue and a boost in its 2026 revenue outlook.
The U.S. bond market is closed Wednesday for Veterans Day, but the stock markets remain open.
The price of Brent crude, the international standard, rose 1.9 per cent to $93.22 a barrel. U.S. benchmark crude oil gained 1.2 per cent to $87.05 per barrel. Brent remains well below $100 a barrel, with Trump saying late Monday that the war in Iran, which sent oil prices much higher, “militarily is effectively over.”
Oil prices are still about $30 higher per barrel than at this time last year.
New data on consumer inflation Tuesday upended markets and sent the 10-year Treasury yield charging above five per cent again. On Friday, the U.S. releases its producer price index for October, which captures inflation before it reaches consumers.
The September report showed the biggest increase since December 2022 and that data showed that rising fuel prices, particularly for diesel fuel, continue to push shipping and warehousing prices higher.
In Europe, Germany’s DAX rose 0.7 per cent to 26,531.66 after inflation fell to 2.8 per cent in October from a year earlier, according to the federal statistics office on Wednesday. The CAC 40 in Paris climbed 0.3 per cent to 8,302.23. Britain’s FTSE 100 added 0.4 per cent to 10,797.68.
Asian markets were mostly higher. China’s biggest online shopping festival, Singles Day, began Wednesday. Its sales data will offer a gauge of consumer demand in the world’s second-largest economy.
The U.S. dollar rose to 159.15 Japanese yen from 158.70 yen. The euro fell to $1.1133 from $1.1171.
By Elaine Lai and Michelle Chapman
