On Stocktwits, retail sentiment toward SPY and QQQ stayed ‘bullish.’

  • Investors await the PCE inflation report and second-quarter GDP data for fresh clues on the Federal Reserve’s rate path. 
  • On Tuesday, New York Fed President John Williams said there was no immediate urgency to raise benchmark interest rates. 
  • Micron reports earnings after market hours. Investors are looking for commentary on AI-related memory demand and the broader memory-chip cycle.

U.S. stock futures were higher early Wednesday as investors brace for the Federal Reserve’s preferred inflation metric, the PCE Price Index, alongside Q2 GDP numbers.

As of 4:00 a.m. ET, Nasdaq and S&P 500 futures were up 0.2%, Dow futures rose 0.4%, while Russell 2000 futures were up 0.3%.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, remained ‘extremely bullish,’ and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, stayed ‘bullish.’

All Eyes On Inflation Data 

PCE data is expected to rise 0.3% month over month. On Tuesday, the 30-year Treasury yield hit 5.6%, its highest level in more than 24 years, before cooling off after New York Fed President John Williams indicated that there is no immediate urgency to raise benchmark interest rates. 

Rate-hike expectations for October have eased sharply, with markets pricing roughly a 47% chance of a 25-basis-point increase, down from about 71% earlier. Meanwhile, crude oil prices retreated, with Brent crude trading near $103 per barrel. 

It’s All About AI 

The artificial intelligence (AI) debate remains firmly in focus after Michael Burry again said the market should “tank hard” to prevent OpenAI and Anthropic from pursuing IPOs, while Bill Gates warned that AI has already crossed thresholds that could create significant cyber and biological risks.  This comes as hyperscalers and chipmakers continue to commit billions to AI infrastructure.

The Tech Radar

Micron Technology (MU) is on the retail radar ahead of its post-market-hours earnings report. Investors will be watching for commentary on demand across AI and memory segments.

Applied Materials (AMAT): Announced a partnership with Japan’s Kioxia to advance next-generation memory chip process technologies at its $5B EPIC Center.

Apple Inc. (AAPL): A new Counterpoint Research report estimated the company could sell 6 million units of its inaugural “iPhone Duo” foldable device this year.

Salesforce (CRM): Salesforce agreed to acquire AI-powered customer research company Listen Labs, expanding its AI portfolio around customer research and simulation.

Rumble Inc. (RUM): Texas Capital initiated coverage with a $15 price target (94% upside potential), citing its $13B Anthropic partnership and pivot into AI infrastructure.

Workday (WDAY): Shares fell 1% in early premarket trade after the company said it is cutting about 2.5% of its workforce while reiterating its guidance.

Pharma Pulse 

Capricor Therapeutics (CAPR) shares rose 19% in early premarket trading after positive Hope-3 extension data showed significantly slower upper-limb deterioration in Duchenne muscular dystrophy patients treated with Deramiocel. The data comes ahead of its expected November FDA decision. 

Vanda Pharmaceuticals (VNDA) shares rose 10% in early premarket trade after announcing positive Phase 3 results for Hetlioz (tasimelteon) in treating delayed sleep-wake phase disorder. The company said it plans to discuss the data with the FDA before seeking an expanded indication. 

Eli Lilly (LLY) drew attention after its triple agonist, retatrutide, showed an average weight reduction of 20.8% over 80 weeks in Phase 3 trials, with the company saying it plans to submit a biologics license application in the first quarter of 2027. 

AbbVie Inc (ABBV): Released positive Phase 2 APEX Part B study results for Zumilokibart in moderate to severe atopic dermatitis at EADV 2026.

Iovance Biotherapeutics (IOVA): Extended momentum after closing up over 31% on Tuesday following an upward revision to its full-year 2026 revenue guidance.

UniQure (QURE) shares rose over 1% in early premarket trade even as Goldman Sachs lowered the firm's price target to $31 from $46 and kept a Neutral rating following the release of four-year Phase 1/2 data for gene therapy AMT-130 in Huntington's disease. The recent update raises questions about AMT-130's durability and the regulatory and commercial outlook, the firm added.

Kodiak Science (KOD): Goldman Sachs raised its price target from $36 to $103 following positive durability and visual acuity results from its Phase 3 Daybreak study of Zenkuda. 

Trending Stocks

Tesla (TSLA) is in focus after entering into $30B in new credit facilities to support capital expenditures, while Cathie Wood’s ARK Invest purchased shares ahead of Tesla’s Q3 delivery updates. 

Cathie Wood also bought shares of Nvidia, Broadcom and Coreweave on Tuesday.

SpaceX (SPCX): Retail chatter remains elevated following analyst Gene Munster’s bullish comments about the company’s launch opportunity and a busy launch schedule. 

AST Spacemobile (ASTS): Its partner, AT&T’s CEO John Stankey, reportedly questioned the economics and practicality of SpaceX’s proposed cellular strategy, calling it “not a viable strategy.” It shines a spotlight on AST SpaceMobile’s carrier-led satellite-to-phone model as AT&T prepares to roll out its AST-powered service. 

Redwire (RDW): Redwire and Sophia Space announced a partnership to advance orbital data-center infrastructure.

Robinhood (HOOD) shares rose 3% in early premarket trading after updates from its Product Summit unveiled a major expansion of its trading platform, including 24/7 trading in select U.S. equities, upcoming AI agents and agent apps, perpetual futures, new prediction-market earnings contracts, and the launch of Robinhood Social. 

Boeing Co (BA): Confirmed its selection by the U.S. Navy for the multi-billion-dollar 6th-generation F/A-XX fighter program to replace the F/A-18 Super Hornet fleet. 

GameStop Corp. (GME): Rose over 1% in early premarket trading after a regulatory disclosure showed CEO Ryan Cohen purchased 450,000 additional shares at $23.48 per share.

Other tickers trending on Stocktwits at the time of writing included Carnival Corp (CCL), Alpha Tau (DRTS), Microsoft (MSFT), and Joby Aviation (JOBY).

What Else To Watch Wednesday

On the economic front, investors will be tracking the GDP report and PCE inflation data at 8:30 am ET. The releases arrive one day before the September ISM Manufacturing PMI and two days before the September jobs report. 

On the earnings front, beyond Micron, watch Conagra Brands (CAG), Jabil (JBL), Yiren Digital (YRD), and Cal-Maine Foods (CALM) as they report today. 

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