| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
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| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
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| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
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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 advanced on Wednesday following Tuesday’s mixed close. Futures of major benchmark indices were higher.
New York State’s manufacturing sector showed a modest rebound in October, as detailed in the latest Empire State Manufacturing Survey. The general business conditions index surged nineteen points to 10.7, marking its third positive reading in the last four months.
This uptick was accompanied by an increase in new orders and shipments. Firms also expressed growing optimism for the future, with nearly half anticipating improved conditions in the coming months. However, the report also highlighted persistent inflationary pressures, as the pace of both input and selling price increases accelerated.
Meanwhile, futures were rejoicing at the comments from the Federal Reserve Chair Jerome Powell, who said that “downside risks to employment appear to have risen,” implying more rate cuts are on the cards.
The 10-year Treasury bond yielded 4.01% and the two-year bond was at 3.47%. The CME Group's FedWatch tool’s projections show markets pricing a 95.7% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.
| Futures | Change (+/-) |
| Dow Jones | 0.41% |
| S&P 500 | 0.54% |
| Nasdaq 100 | 0.74% |
| Russell 2000 | 0.92% |
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 0.74% at $667.11, while the QQQ advanced 0.98% to $603.85, according to Benzinga Pro data.
Industrials, consumer staples, and financials stocks recorded the biggest gains on Tuesday, leading most S&P 500 sectors to a positive close, though consumer discretionary and information technology stocks closed lower.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.76% | 22,521.70 |
| S&P 500 | -0.16% | 6,644.31 |
| Dow Jones | 0.44% | 46,270.46 |
| Russell 2000 | 1.38% | 2,495.50 |
In his analysis, David Kelly, Chief Global Strategist at J.P. Morgan, outlines the steady deterioration of U.S. government finances, projecting the federal deficit to climb to $2.132 trillion, or 6.7% of GDP, in the current fiscal year.
This path is expected to push the total debt-to-GDP ratio above 102% within a year, a trend Kelly believes is unsustainable long-term.
While he notes that global bond markets still appear willing to lend to the U.S. government at relatively low rates, he addresses the key investor question of when the debt will become a major crisis.
He states that while America is “going broke slowly,” the risk that political choices could accelerate this process adds an important reason for investors to consider diversifying their portfolios with international stocks and alternative assets.
See Also: How to Trade Futures
Here's what investors will be keeping an eye on Wednesday
Crude oil futures were trading lower in the early New York session by 0.02% to hover around $58.69 per barrel.
Gold Spot US Dollar rose 1.16% to hover around $4,190.16 per ounce. Its last record high stood at $4,218.32 per ounce. The U.S. Dollar Index spot was 0.19% lower at the 98.8540 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.63% higher at $112,658.11 per coin.
Asian markets closed higher on Wednesday as Australia's ASX 200, South Korea's Kospi, India’s NIFTY 50, Hong Kong's Hang Seng, China’s CSI 300, and Japan's Nikkei 225 fell. European markets were mixed in early trade.
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