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S&P 500 and NASDAQ futures rose on Wednesday, led by gains in chipmaker names, while traders looked ahead to the release of another major inflation report.
Futures for the Dow Jones Industrials settled 148 points, or 0.3%, to 49,721.
Futures for the S&P 500 gathered 13.25 points, or 0.2%, to 7,439.75
Futures for the NASDAQ barreled ahead 184.25 points, or 0.6%. to 29,354.25.
Nvidia shares traded higher by more than 2% in the premarket. Advanced Micro Devices climbed nearly 2%, while Micron Technology gained more than 5%.
The move comes after Nvidia CEO Jensen Huang joined President Donald Trump on his trip to China to meet Chinese President Xi Jinping.
The S&P 500 and NASDAQ slipped from all-time highs on Tuesday following the release of hotter-than-expected U.S. consumer inflation data.
Traders will look forward to the release of another inflation report on Wednesday morning — April’s producer price index.
Economists polled by Dow Jones are expecting a headline increase of 0.5% on the month, in line with March’s rate. Excluding volatile food and energy prices, this number is expected to come in at a 0.4% rise.
In Japan, the Nikkei 225 jumped 0.8% Wednesday, while the Hang Seng index in Hong Kong acquired 0.2%
Oil prices lost eight cents to $102.10 U.S. a barrel.
Gold prices brightened $19.70 to $4,706.40 U.S an ounce.
