US stock futures pointed higher Wednesday morning as investors positioned ahead of President Donald Trump’s summit with Chinese leader Xi Jinping in Beijing. Technology shares led the early rebound, with Nasdaq futures climbing after a sell-off earlier in the week.
AI Chip Stocks Surge Ahead of Trump’s China Trip
Micron Technology, Nvidia, and Qualcomm all rose sharply in premarket trading. Micron gained 6.1%, Nvidia added 2.4%, and Qualcomm climbed 4.9%. The CEOs of all three companies — Sanjay Mehrotra, Jensen Huang, and Cristiano Amon — were traveling to China as part of Trump’s delegation. The trip also includes Tesla CEO Elon Musk, Apple CEO Tim Cook, and BlackRock CEO Larry Fink, with discussions expected to cover trade, artificial intelligence, and the Iran conflict.
Other Notable Movers
Alibaba shares fell 1.3% despite a headline profit beat. The company reported fiscal fourth-quarter net profit of 23.50 billion yuan, nearly double from the prior year, but adjusted net income collapsed almost 100% year over year to just 86 million yuan. EchoStar surged 8.5% after the FCC approved its spectrum sale to AT&T and SpaceX. Nextracker jumped 14% after beating Q4 estimates and raising its FY2027 revenue outlook. Intuitive Machines rose 9% on a US Space Force contract, and Wolfspeed soared 31% following a Citrini Research recommendation.
Inflation and Geopolitical Context
Markets also awaited the April producer price index report after Tuesday’s hotter-than-expected consumer inflation data increased expectations that the Federal Reserve will hold rates steady. Oil prices eased as tensions persisted in the Strait of Hormuz, while gold and silver climbed.
Bitcoin Edges Higher
Bitcoin prices rose slightly during Wednesday trading, though gains remained limited. Investors continued to monitor geopolitical updates related to the Middle East, as well as the outcome of the Trump-Xi summit for potential trade policy shifts.
