Stock Market Today: Nasdaq Futures Rise, Dow Slips Amid Mixed Trade—Google, Dollar Tree, Campbell's In Focus
U.S. stock futures were fluctuating on Wednesday following Tuesday’s declines. Futures of major benchmark indices were trading mixed.
President Donald Trump signed an executive order targeting a fourfold increase in domestic nuclear power production over 25 years. The initiative has provided bipartisan support for nuclear energy after decades of stagnation.
Meanwhile, Treasury Secretary Scott Bessent highlighted the potential economic upsides of the tariffs, predicting that the revenue surge from duties could significantly lift the U.S. economy. "Every $300B adds 1% to GDP," he said, adding, "With tariffs alone, growth could hit 5%."
Also, according to the recommendations shared by the President's Working Group on Digital Asset Markets, the Securities and Exchange Commission and the Commodity Futures Trading Commission announced a joint initiative on Tuesday to streamline the trading process of cryptocurrency assets.
The 10-year Treasury bond yielded 4.29% and the two-year bond was at 3.66%. The CME Group's FedWatch tool‘s projections show markets pricing a 91.7% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
| Futures | Change (+/-) |
| Dow Jones | -0.04% |
| S&P 500 | 0.42% |
| Nasdaq 100 | 0.63% |
| Russell 2000 | -0.30% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 0.36% at $642.59, while the QQQ advanced 0.57% to $568.83, according to Benzinga Pro data.
Cues From Last Session
Most sectors on the S&P 500 closed on a negative note, with industrials, real estate and information technology stocks recording the biggest losses on Tuesday.
However, energy and health care stocks bucked the overall market trend, closing the session higher. U.S. stocks settled lower overall.
All major indices recorded gains for August. The 30-stock Dow gained more than 3% in August, while the S&P 500 recorded around a 2% surge. The tech-heavy Nasdaq also gained around 1.6% during the month.
On the economic front, the S&P Global manufacturing PMI came in at 53.0 in August, compared to the preliminary reading of 53.3 and versus 49.8 in July.
U.S. construction spending declined by 0.1% month-over-month to an annual rate of $2,139.1 billion in July. The ISM manufacturing PMI rose to 48.7 in August compared to 48.0 in the previous month, but came in short of market estimates of 49.0.
Nio Inc. (NYSE:NIO) shares gained around 3% on Tuesday after the company reported fiscal second-quarter results. Signet Jewelers Ltd. (NYSE:SIG) reported better-than-expected earnings for the second quarter on Tuesday.
The Dow Jones index ended 249 points or 0.55% lower at 45,295.81, whereas the S&P 500 index fell 0.69% to 6,415.54. Nasdaq Composite declined 0.82% to 21,279.63, and the small-cap gauge, Russell 2000, tumbled 0.60% to end at 2,352.21.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.82% | 21,279.63 |
| S&P 500 | -0.69% | 6,415.54 |
| Dow Jones | -0.55% | 45,295.81 |
| Russell 2000 | -0.60% | 2,352.21 |
Insights From Analysts
After a strong summer that saw the S&P 500 post its fourth consecutive month of gains in August, investors now face a period of heightened uncertainty. The calendar has flipped to September, a month that historically has been the “weakest month for equities”.
This seasonal headwind is now coupled with dire warnings from top financial minds about the country’s fiscal health, creating a tense standoff between the market’s recent momentum and looming macroeconomic risks.
However, LPL Financial suggests that September’s bad reputation may not apply this year. Their analysis shows that when the market enters the month with strong upward momentum—as it has now—historical performance has actually been positive on average.
This optimistic view is bolstered by a stellar second-quarter earnings season, where S&P 500 earnings per share (EPS) growth is tracking near 12%, more than double what was expected at the quarter’s start.
Furthermore, the rally is broadening beyond big tech, with the S&P 600 Small Cap Index having its best month of outperformance in over a year during August. LPL concludes these factors point to a “bull market on solid footing,” though it advises investors to brace for potential volatility.
In stark contrast, billionaire investor Ray Dalio is sounding the alarm on America’s fiscal trajectory. He warns that massive deficit spending will “likely cause a debt-induced heart attack in the relatively near future,” giving a timeline of “three years, give or take a year or two.”
Dalio points to the U.S. government spending roughly $7 trillion annually against revenues of only $5 trillion, a gap fueling a national debt that now exceeds $37 trillion.
His concerns are shared by JPMorgan CEO Jamie Dimon, who predicts investors will eventually “see a crack in the bond market.” Dalio attributes the problem to unchecked spending and tax cuts, which the Congressional Budget Office estimates will add another $4.1 trillion to the debt over the next decade.
Investors find themselves caught between two compelling narratives. On one hand, the market’s current health, characterized by strong earnings and broadening participation, suggests resilience. LPL notes that even if a drawdown occurs, seasonal trends historically turn into tailwinds from October to December.
On the other hand, the foundational risk of an unsustainable debt burden cannot be ignored. While corporate America appears strong, the warnings from Dalio and Dimon about long-term fiscal stability pose a significant threat that could eventually disrupt the market’s positive trend. The key question is whether strong fundamentals can continue to outweigh the nation’s precarious balance sheet.
See Also: How to Trade Futures
Upcoming Economic Data
Here's what investors will be keeping an eye on Wednesday;
- St. Louis Fed President Alberto Musalem will speak at 9:00 a.m., July job openings and factory orders data will be out by 10:00 a.m., and Minneapolis Fed President Neel Kashkari will speak at 1:30 p.m. ET.
- Fed Beige Book data will be out by 2:00 p.m. ET, and timing for August’s auto sales data is yet to be determined.
Stocks In Focus
- Alphabet Inc. Class C (NASDAQ:GOOG) shares rose 5.52% after U.S. District Judge Amit Mehta issued a sealed decision rejecting the Department of Justice’s request to break up key Google assets, writing that “Plaintiffs overreached in seeking forced divestiture of these key assets.”
- Dollar Tree Inc. (NASDAQ:DLTR) was 0.036% below the flat line in premarket on Wednesday as it is expected to report earnings before the opening bell. Analysts estimate earnings of 40 cents per share on revenue of $4.48 billion.
- Campbell’s Co. (NASDAQ:CPB) advanced 0.16% as analysts expect it to report earnings of 56 cents per share on revenue of $2.33 billion before the opening bell.
- Salesforce Inc. (NYSE:CRM) was up 0.055% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $2.78 per share on revenue of $10.13 billion after the closing bell.
- Healthequity Inc. (NASDAQ:HQY) rose 3.73% after posting better-than-expected earnings for the second quarter and raising its FY2026 guidance.
- Zscaler Inc. (NASDAQ:ZS) advanced 1.80% after reporting better-than-expected financial results for the fourth quarter of fiscal 2025 and issuing strong guidance.
- Great Elm Group Inc. (NASDAQ:GEG) surged 46.88% following the alternative asset manager's announcement of record fourth-quarter net income from continuing operations of $15.7 million and major strategic partnerships.
- Nuburu Inc. (NYSE:BURU) zoomed 37.99% following a modified acquisition deal for Italian defense company Tekne S.p.A.
Commodities, Gold And Global Equity Markets
Crude oil futures were trading higher in the early New York session by 0.44% to hover around $65.30 per barrel.
Gold Spot US Dollar rose 0.19% to hover around $3,540.72 per ounce. Its last record high stood at $3,547.09 per ounce. The U.S. Dollar Index spot was 0.09% lower at the 98.3090 level.
Asian markets closed lower on Wednesday, except India’s S&P BSE Sensex and South Korea's Kospi indices. Hong Kong's Hang Seng, China’s CSI 300, Australia's ASX 200, and Japan's Nikkei 225 indices fell. European markets were mostly higher in early trade.
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