US stock futures were up for the fourth consecutive trading day on Wednesday. Futures tied to the tech stock Nasdaq 100 posted modest gains as Chinese tech rebound stalls. Futures contracts tied to the Dow Jones Industrial Average gained more than 15 points. S&P 500 futures also edged higher.
US Market Concerns
Data published by the Census Bureau on Tuesday show that the US new home sales rose to 708,000 in July. This was better than the expected 700,000 and higher than the previous 701,000 figure in June. Data released earlier on Monday indicated that the existing home sales also edged higher in the same month.
US Treasury yields rose slightly higher on Wednesday as investors eye the Federal Reserve’s annual Jackson Hole symposium. The yield on the benchmark 10-year Treasury note rose to 1.292%. The yield on the 30-year Treasury bond advanced to 1.91%.
Oil prices snapped their two-day winning streak earlier on Wednesday ahead of the weekly US crude oil inventories. US West Texas Intermediate (WTI) crude futures inched 0.61% lower to $67.13 per barrel. Brent crude futures fell to $70.73 per barrel.
Investors have shifted their focus to the Fed’s annual Jackson Hole symposium scheduled to kick off on Thursday. Fed Chair Jerome Powell will also give a press briefing later Friday after the symposium. Investors are hoping to get clues on when the Fed plans to taper its asset purchases.
Nasdaq 100 Pre-Market Trade
Okta Inc was among the best performers in the Nasdaq 100 index. The software company gained 2.27% in its stock earnings. The company’s shares have jumped more than 13-fold since an IPO in 2017. It has a total market capitalization of $32.82 billion.
Trip.com Group Ltd ADR rose 1.88% in premarket trade. Trip.com is a Chinese travel service provider that provides accommodation, transportation ticketing, and corporate travel management.
Autodesk Inc was up 1.70% ahead of its earnings report later in the day. The software company is scheduled to release its second-quarter earnings report after market close. Its earnings are expected to hit a new all-time high.
Pinduoduo led the laggards in the Nasdaq 100 index. The Chinese agriculture-focused technology platform posted its first-ever quarterly net profit since it became a public company. The company’s sales for the June quarter jumped 89% to 23 billion yuan.
NetEase Inc was also in the red on Wednesday. The Chinese internet technology company provides online services. It also operates online PC and mobile games.