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Editor’s Note: The future prices of benchmark tracking ETFs, the lede, and the latest economic releases were updated in the story.
U.S. stock futures were swinging on Wednesday following Tuesday’s advances. Futures of major benchmark indices were mixed.
The slight decrease in the August Producer Price final demand index was driven by a 0.2% decline in prices for final demand services. In contrast, the index for final demand goods moved up 0.1%.
Core inflation showed signs of persistence, as prices for final demand less foods, energy, and trade services rose 0.3% in August. For the 12 months ending in August, this core index increased 2.8%, its largest advance since March 2025.
Stocks reached new record highs on Tuesday, driven by revised U.S. job figures that showed a slowing labor market. This data strengthened investor confidence that the Federal Reserve will cut interest rates in September.
Meanwhile, the 10-year Treasury bond yielded 4.08% and the two-year bond was at 3.54%. The CME Group's FedWatch tool‘s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
| Futures | Change (+/-) |
| Dow Jones | -0.27% |
| S&P 500 | 0.13% |
| Nasdaq 100 | 0.07% |
| Russell 2000 | -0.36% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 0.51% at $653.65, while the QQQ advanced 0.53% to $583.56, according to Benzinga Pro data.
Most sectors on the S&P 500 closed on a positive note, with utilities, health care, and communication services stocks recording the biggest gains on Tuesday. However, materials and industrials stocks bucked the overall market trend, closing the session lower. This broad strength led U.S. stocks to settle higher, with all three major indices closing at record highs.
The Bureau of Labor Statistics removed 911,000 nonfarm payroll jobs from its count between April 2024 and March 2025, indicating the labor market had been cooling far earlier than many on Wall Street had anticipated.
Markets briefly dipped in the wake of the data release. Yet, major U.S. equity indices showed some recovery by midday in New York as the sharp downward revision in payrolls further strengthens the case for the Federal Reserve to begin cutting interest rates.
UnitedHealth Inc. (NYSE:UNH) jumped more than 8% on Tuesday after the health care giant offered an upbeat assessment of its Medicare Advantage business.
The Dow Jones index ended 196 points or 0.43% higher at 45,711.34, whereas the S&P 500 index rose 0.27% to 6,512.61. Nasdaq Composite advanced 0.37% to 21,879.49, and the small-cap gauge, Russell 2000, tumbled 0.55% to end at 2,381.82.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 0.37% | 21,879.49 |
| S&P 500 | 0.27% | 6,512.61 |
| Dow Jones | 0.43% | 45,711.34 |
| Russell 2000 | -0.55% | 2,381.82 |
Market analysts are optimistic about the future of equities, though their strategies for capturing gains differ, with some focusing on historical U.S. market trends and others on selective global opportunities.
Analysts at LPL Financial believe the U.S. stock market has more room to run, arguing that its recent performance is simply “following the playbook”. After recovering from significant selloffs, historical data show that more gains are likely. According to a study by the firm, the S&P 500 has delivered average gains of 16.2% in the 12 months following a recovery from a market correction.
“It takes a lot to derail a bull market that has broken out to new highs,” wrote Jeffrey Buchbinder, LPL’s Chief Equity Strategist. The current bull market, which started in October 2022, has gained about 81%.
This is well below the historical average cumulative gain of 168% for bull markets, suggesting its run is not over. LPL sees several potential catalysts to push stocks higher, including “strong AI-fueled growth in corporate profits” and a resilient U.S. economy that is expected to avoid a recession.
Strategists at the BlackRock Investment Institute are also constructive but emphasize a granular approach, with a particular focus on emerging markets (EMs). They identify three key drivers for EM assets this year: a weaker U.S. dollar, a broadly stable macro environment, and the impact of “mega forces” like AI and geopolitical fragmentation.
BlackRock advises that “selectivity across countries and sectors remains key”. The firm notes that the rewiring of global supply chains is benefiting countries like Mexico and Vietnam, while Taiwan and South Korea are major players in the AI semiconductor buildout.
Looking long-term, BlackRock holds a strategic overweight to emerging markets, citing the promise of nations like India, which can “leverage its younger population and growing digitization to scale into a cutting-edge digital economy”. While tactically neutral on broad EM equities, the firm is overweight U.S. stocks, agreeing that the AI theme provides near-term earnings support.
See Also: How to Trade Futures
Here's what investors will be keeping an eye on Wednesday;
Crude oil futures were trading higher in the early New York session by 1.07% to hover around $63.30 per barrel.
Gold Spot US Dollar rose 0.54% to hover around $3,645.78 per ounce. Its last record high stood at $3,674.09 per ounce. The U.S. Dollar Index spot was 0.02% higher at the 97.8100 level.
Asian markets closed higher as Australia's ASX 200, China’s CSI 300, Japan's Nikkei 225, Hong Kong's Hang Seng, India’s S&P BSE Sensex, and South Korea's Kospi indices rose. European markets were higher in early trade.
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