U.S. equity index futures pointed firmly higher early Wednesday, with technology leading the bid after a blowout earnings report from Advanced Micro Devices, while crude oil extended its retreat on signs of de-escalation around the Strait of Hormuz.
Pre-Market Snapshot — 7:20 AM ET
- S&P 500 Futures: 7,363.50 (+1.05%)
- Dow Futures: 50,038.00 (+1.26%)
Nasdaq-100 Futures: 28,619.75 (+1.72%) - Russell 2000 Futures: 2,914.30 (+2.15%)
- VIX: 17.69 (-3.28%)
- WTI Crude Futures: $104.14 (-2.14%)
- Gold Futures: $4,723.90 (+3.40%)
- EUR/USD: 1.1685 (-0.03%)
- Bitcoin (USD): $82,707.48 (+2.08%)
AMD Sets the Tone for Tech
Chipmaker Advanced Micro Devices is the dominant pre-market story. AMD shares surged 17% in early pre-market trading after delivering a strong quarterly report and upbeat outlook, prompting an upgrade from Goldman Sachs. If the move holds through the regular session, it would be AMD's best single-day performance in about seven months.
Q1 EPS came in at $1.37, topping the $1.29 consensus, with revenue of $10.25 billion beating the $9.89 billion estimate and rising 38% year over year. Data center sales surged 57% to $5.8 billion, up from $3.67 billion in the same period a year earlier. For Q2 2026, AMD is guiding to revenue of $11.2 billion — representing 46% year-over-year growth.
CEO Lisa Su's commentary, alongside guidance for the second half, reframed the AI capex narrative for chip names heading into Wednesday's open. Goldman Sachs upgraded AMD to Buy from Neutral and raised its price target to $450 from $240, implying roughly 27% upside from Tuesday's close. The reaction is rippling through semiconductor peers in pre-market trade.
Asia Rallies, Kospi Hits Fresh Record
South Korea's Kospi surged to another record high Wednesday as Asia-Pacific markets traded mostly higher, following overnight gains on Wall Street driven by easing oil prices and strong corporate earnings. Sentiment improved after President Trump signaled that diplomatic discussions around the Middle East conflict were progressing, and announced that "Project Freedom" — the U.S. operation guiding commercial vessels through the Strait of Hormuz — would be temporarily paused while negotiations continue.
The Kospi jumped 6.45%, extending gains of more than 70% this year, with Samsung Electronics and SK Hynix both reaching record highs. China's CSI 300 rose 1.45%, Australia's S&P/ASX 200 and Hong Kong markets gained more than 1% each, and Japan remained closed for a holiday.
Commodities: Crude Slides, Metals Power Higher
Energy markets are moving in the opposite direction of equities. Defense Secretary Pete Hegseth confirmed that two U.S. commercial ships, accompanied by American destroyers, had safely passed through the Strait of Hormuz, easing supply disruption fears. WTI crude was last quoted under $90 a barrel — sharply lower on the session.
Among precious metals, gold rose more than 3%, while silver climbed over 6%. The bid for bullion is consistent with continued safe-haven demand even as oil eases, supported further by a softer dollar in the European session.
Forex: Euro Firms, Dollar Slips
EUR/USD traded near $1.17 as investors weighed Middle East tensions, new US tariffs, and rising expectations of an ECB rate hike as soon as June.
Markets are now pricing in an 80% chance of a 25-basis-point ECB hike by June, with at least two increases expected this year. The ECB held rates steady last week but left the door open for future adjustments.
In Asia FX, thin yen liquidity prevailed with Japan on holiday.
Watch List for the U.S. Open
- Semiconductor complex — reaction to AMD's print and Goldman's upgrade, with read-throughs to Nvidia, Micron, and ASML
- Energy stocks — under pressure as WTI breaks lower on Hormuz de-escalation headlines
- Gold miners and silver names — following the metals breakout
- Eurozone-exposed names — with EUR/USD pushing toward the 1.1750 area
- Headline risk — around Project Freedom and ongoing U.S.-Iran diplomacy
- Economic Data — ADP April private payrolls data
