Stock futures are a mixed bag this morning. The Nasdaq-100 Index (NDX) is indicating a triple-digit open, with semiconductors ready to move on from Tuesday's tech rout. Reports that Nvidia (NVDA) CEO Jensen Huang is accompanying President Donald Trump on his trip to China is also intriguing investors.
Dow Jones Industrial Average (DJI) futures are off by triple digits, as April's producer price index (PPI) rose 1.4%, blowing past expectations of 0.5%. Year-over-year the reading came to 6% -- the largest jump since late 2022. The S&P 500 Index (SPX) futures are stuck in the middle, cautiously higher at last look.
- Defense stock testing bearish trendline.
- Earnings season recap -- who has made the biggest moves?
- Plus, Micron melts up; Nebius eyes new highs; and BABA dinged by AI spend.
5 Things You Need to Know Today
- The Cboe Options Exchange saw more than 2.8 million call contracts and 1.4 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.49, while the 21-day moving average stayed at 0.59.
- Micron Technology (NASDAQ:MU) stock is 5.6% higher ahead of the open, with the chipmaker leading the tech charge today with NVDA after BofA Global Securities hiked its price target to $950 from $500. Micron stock is set to open just below its Monday record high of $818.67 and is 168% higher in 2026.
- Nebius Group NV (NASDAQ:NBIS) stock is up 17.5% before the bell, after the data center maven reported a first-quarter revenue beat, along with a capex roughly $2.5 billion, above estimates. Nebius -- a Schaeffer's Top Stock Pick of 2026 -- is set to open at a record high, and is 437% higher in the last 12 months.
- The shares of Alibaba Group (NYSE:BABA) are 0.5% lower in electronic trading, after the China-based e-commerce name saw a first-quarter revenue miss overshadow a profit beat. AI spending was the culprit, though cloud innovation and the overall AI trade is keeping losses in check. BABA is down 8% in 2026 and is poised to test its year-over-year breakeven level today.
- What other economic data is due out this week?
Trump-Jinping Meeting in Focus
Asia-Pacific markets were mostly higher Wednesday as investors reacted to April inflation, climbing oil, and the highly anticipated meeting between President Trump and China’s Xi Jinping, where trade negotiations are expected to remain in focus. South Korea’s Kospi reversed early losses to add 2.6%, while Japan’s Nikkei 225 rose 0.8%. Hong Kong’s Hang Seng edged up 0.2%, and China’s Shanghai Composite jumped 0.7%.
European markets are trading mixed, recovering from the yesterday’s losses as U.K. gilt yields pulled back following Prime Minister Keir Starmer pushed back against growing calls for his resignation. London’s FTSE 100 is up 0.1%, while France’s CAC 40 is off by 0.2%, and Germany’s DAX is 0.9% higher, at last glance. Earnings were also in focus, with reports due from Allianz, Deutsche Telekom, Zurich Insurance, and Porsche, among others.
