Stock Futures Point Higher After Down Day for Major Indexes; Gold Surges Further Past $4,000

Stock futures pointed higher Wednesday after major indexes ended lower yesterday, while gold futures continued their ascent after surpassing $4,000 per ounce for the first time. 

Futures associated with the Nasdaq, S&P 500, and Dow Jones Industrial Average were up 0.2% apiece after the indexes closed down a respective 0.7%, 0.4%, and 0.2% Tuesday, with the benchmark S&P 500 snapping a seven-session winning streak.

With the U.S. government shutdown now in its second week, investors will be paying attention Wednesday afternoon to the minutes of last month’s Federal Reserve meeting, at which the central bank cut interest rates for the first time this year.

Gold futures, which crossed the $4,000 threshold yesterday amid a flight to safety, were up a further 1.6% early Wednesday to about $4,070. Bitcoin, which fell nearly 3% Tuesday, was up roughly 1% to $122,800. The 10-year Treasury yield—which affects borrowing costs on all sorts of loans—ticked lower to 4.11%.

The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was up 0.4% to 98.93. West Texas Intermediate crude oil futures rose 1.3% to $62.55 per barrel.

In corporate news, Advanced Micro Devices (AMD) shares continued their climb this week, advancing 1.5% before the bell. The stock soared 24% Monday and rose another 3.8% yesterday on news it was partnering with ChatGPT maker OpenAI on a massive chip deal. 

Elsewhere, Tesla (TSLA) shares, which fell 4.4% yesterday after news of lower-cost Model Y and Model 3 vehicles, rebounded 0.6% in premarket trading; AppLovin (APP) stock, which surged 7.6% to lead the S&P 500 and Nasdaq after sinking 14% Monday, ticked higher; and shares of Confluent (CFLT) surged 20% on a report the maker of data-streaming software was exploring a sale.