U.S. stock futures declined Wednesday morning, even as major indexes closed higher on Tuesday, with the S&P 500 and Dow Jones logging their sixth consecutive day of gains — marking their longest winning streak in months.
Easing of the auto tariffs helped the markets with a fresh dose of optimism going into a jam-packed earnings week, with several heavy-hitters, including 4 of the “Magnificent 7” companies, set to release their quarterly results over this week.
On Tuesday, President Donald Trump hinted that trade negotiations with India were “coming along great,” and that the administration was close to announcing a deal, further adding to the optimism, according to a report by CNBC.
U.S. 10-Year Treasuries are at 4.16%, while the 2-Year Treasuries are at 3.66%. The CME Group's FedWatch tool shows the markets pricing a 92.4% likelihood of interest rates remaining unchanged during the FOMC meeting that is scheduled to take place the first week of May, which marks an increase from 91.1% on Tuesday.
Cues From Last Session:
Almost all S&P 500 sectors closed in the green on Tuesday, barring the energy sector, which was down 0.29%. The index was up 0.58%, marking its sixth-straight winning day, the longest streak since November of 2024. The Dow Jones was up 0.75%, and the Nasdaq Composite by 0.55%.
Economic data was disappointing, with the S&P Case-Shiller Home Price Index (20 Cities) up 4.5%, below estimates at 4.8%, followed by Consumer Confidence at 86.0, below the median forecast at 87.3, and finally, the Total Job Openings for March came in at 7.3 million, below the forecast at 7.5 million.
As of Tuesday, the Nasdaq 100 index was down 12.04% from its previous high of 22,222.61 points. The S&P 500 index was 9.54% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was 10.08% down from its 52-week high of 45,073.63 points.
The Dow Jones index jumped 300 points or 0.75% to 40,527.62, whereas the S&P 500 index surged 0.58% to 5,560.83. Nasdaq Composite ended 0.55% higher at 17,461.32, and the small-cap gauge, Russell 2000, also advanced 0.56% to 1,976.52.
Insights From Analysts:
Chartered Market Technician, Ryan Detrick, says that the markets have ended up higher in May for 9 of the past 10 years, posting a graphic on X to illustrate his point.
The average returns in May over the past 10 years stand at 0.9%, with a median of 1.1%. However, it is worth noting that this is a relatively new phenomenon. A few years ago, “Sell In May & Go Away” was a popular adage in the markets, since the markets were known to underperform in the Summer months.
Upcoming Economic Data:
Here’s what investors will be watching on Wednesday,
- The ADP Employment figures are set to be released by 8:15 AM ET.
- The first quarter GDP data, along with the Employment Cost Index at 8:30 AM ET.
- Chicago Business Barometer (PMI) for April, which is scheduled to be unveiled by 9:45 AM ET.
- Consumer Spending, PCE Index, Core PCE Index, and Pending Home Sales, all scheduled for 10:00 AM ET on Tuesday morning.
Stocks In Focus:
Commodities, Gold, And Global Equity Markets:
Crude oil futures remain on their losing streak, down 0.91% in the early New York session, dipping below the key support level of $60, currently trading at $59.85 a barrel.
Gold Spot US Dollar is down yet again, by 1.14%, hovering around 3,285.48 per ounce, down from its record high of $3,500.33 per ounce last week. The U.S. Dollar Index is up 0.16%, trading at the 99.3969 level.
Asian markets rose on Wednesday, with Japan's Nikkei, India's Nifty 50, China's Shenzhen, and Australia's ASX 200 posting gains. South Korea's Kospi finished flat with a slight dip, while New Zealand's NZX 50 closed lower.
Read Next:
Photo: Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
