US Stock Futures Rise on AI Optimism, Trump's Tariff Threats
The Nasdaq led US stock futures higher on Wednesday, buoyed by hopes for increased investment in artificial intelligence (AI).
* Nasdaq 100 (NQ=F) futures surged 0.8%, boosted by Netflix's (NFLX) strong earnings.
* S&P 500 futures (ES=F) gained 0.4%.
* Dow Jones Industrial Average futures (YM=F) rose 0.1%.
President Trump's push for AI supremacy, including a $500 billion investment plan and deregulation, fueled tech stocks. Oracle (ORCL), a partner in the "Stargate" AI venture, saw its shares rise 9% in pre-market trading.
Despite concerns over Trump's escalating trade war rhetoric, market sentiment remained positive. The president announced plans to impose a 10% duty on Chinese imports, sparking concerns in China and sending its stock market lower.
Amid the trade tensions, oil prices gained, while gold eased back from recent highs.
Other earnings highlights:
* Johnson & Johnson (JNJ) exceeded estimates with strong sales of cancer treatments.
* Procter & Gamble (PG) shares rose on better-than-forecast sales.