Wall St set for higher open as SpaceX, Super Micro results rekindle AI trade
SPY•Wall Street futures rose Wednesday after SpaceX posted its first profit as a public company and Super Micro forecast quarterly revenue and profit margins above estimates. Dow, S&P 500 and Nasdaq 100 futures were up 0.30%, 0.26% and 0.56%, respectively, while Netflix fell more than 6.7% after a weaker-than-expected profit forecast.
1. AI shares lift futures
Wall Street was set for a higher open Wednesday after results from SpaceX and Super Micro Computer improved appetite for AI-linked stocks. SpaceX rose 9.2% in premarket trading after it posted its first profit as a public company, while Super Micro jumped 12.7% after forecasting quarterly revenue and profit margin above analysts’ estimates.
2. Netflix weighs on shares
Netflix fell more than 6.7% after issuing a weaker-than-expected forecast for fourth-quarter profit, days after laying off 6% of its workforce. AT&T dropped about 5% despite beating third-quarter revenue and profit estimates, while Elevance Health rose around 1.1% after lifting its 2026 profit forecast.
3. Futures and market context
At 8:44 a.m. ET, Dow futures were up 0.30%, S&P 500 futures 0.26% and Nasdaq 100 futures 0.56%. Investors were watching earnings from AI-aligned companies for clues about the sustainability of AI spending, as oil prices remained elevated near $110 a barrel for Brent crude and markets expected the Federal Reserve to remain on hold ahead of the November 3 midterm elections.
