Marvell

December E-mini Nasdaq-100 Index futures moved sharply lower in pre-market trading as sellers pressed the AI and semiconductor trade. Technical levels weakened after the contract took out a key swing bottom and fell below its 50-day moving average.

The S&P 500 moved higher early Wednesday as traders tried to recover recent losses after a Treasury buyback announcement helped ease pressure in long dated yields. The index remains in a broader uptrend, but short term momentum has weakened as markets await FOMC minutes and watch whether key support levels hold.

The S&P 500 and Dow advanced to record highs as falling oil prices eased inflation concerns and stronger earnings gave buyers fresh support. Caterpillar’s improved outlook and Palantir’s strength helped broaden participation beyond the biggest technology names.

Nasdaq-100 futures fell as a semiconductor selloff that began on Wall Street moved through Asia and hit U.S. chip shares before the open. Investors are turning to upcoming earnings from Amazon, Meta, Microsoft and Apple for evidence that AI spending can support elevated valuations.