US stock futures climbed on Wednesday as a rebound in artificial intelligence shares offered Wall Street relief from an inflation-driven sell-off, although expectations of another Federal Reserve interest-rate increase tempered the optimism.
Nasdaq 100 futures gained about 500 points 1.8% in an early pre-market snapshot, while S&P 500 contracts rose 0.7% and Dow futures added 0.2%.
The advance followed Tuesday’s losses of roughly 0.7% for the Nasdaq Composite and 0.4% for the S&P 500.
Investors are also tracking fresh Middle East shipping threats, Anthropic’s prospective listing and Veterans Day trading arrangements, with US stock exchanges open despite the bond-market holiday.
5 things to know before Wall Street opens
1. CoreWeave sparks a rebound across technology stocks
CoreWeave led the recovery after its shares jumped about 19% before the opening bell. The Nvidia-backed cloud provider reported third-quarter revenue of $3.66 billion, up 168%, and a record $132.5 billion backlog of contracted future revenue.
Its results helped counter fears that demand for AI computing was weakening, lifting sentiment towards chipmakers.
2. Hot inflation reinforces expectations of another Fed hike
Tuesday’s consumer-price report showed headline inflation rising 0.4% in October, above forecasts of 0.3%. Core prices increased 0.3%, also exceeding expectations.
The surprise drove the 10-year Treasury yield briefly above 5% and strengthened expectations of a December rate increase.
Higher borrowing costs threaten technology valuations and corporate investment, even as AI stocks recover.
3. Oil prices rebound as Middle East supply risks return
Brent crude rebounded to $92.53 a barrel at 04:20 GMT, while West Texas Intermediate rose to $86.71, reversing some of Tuesday’s losses.
Hopes for a US-Iran diplomatic breakthrough were tempered by continuing attacks around the Strait of Hormuz, where 37 vessels were reportedly targeted in October.
A drone attack also caused a fire at Russia’s Ust-Luga port, according to local officials.
4. Anthropic’s IPO could command a higher valuation
Anthropic’s bankers are considering pricing the Claude developer’s initial public offering above its announced $70–$78 range, the Financial Times reported, after strong investor demand.
Such a move could lift its valuation to $1.5 trillion or more from an earlier target around $1.4 trillion. The offering is a test of whether investors will continue funding ambitious AI expansion despite questions over spending and profitability.
5. Veterans Day closes bond markets as investors await fresh data
US stock exchanges will open as normal on Veterans Day, but the Securities Industry and Financial Markets Association has recommended a full closure of dollar-denominated bond trading.
The pause follows Tuesday’s sharp move in Treasury yields and may postpone part of the market’s response to inflation data.
Attention shifts to Thursday’s jobless claims and earnings from Cisco and Applied Materials, followed by Friday’s Producer Price Index.
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