Dow Jones Today: Stock Futures Rise as S&P 500, Nasdaq Composite Look to Add to Record Highs

Stocks moved higher in early trading Wednesday as the market extends a rally that has pushed major indexes back to record-high levels. 

The Dow Jones Industrial Average was up 0.8% recently, while the S&P 500 and the Nasdaq Composite both added 0.5% and were trading at new all-time highs. Each of the major indexes gained more than 1% yesterday after a closely watched report on consumer prices showed that inflation held steady in July, reinforcing market expectations that the Federal Reserve will start cutting interest rates soon. The benchmark S&P 500 index on Tuesday closed at a record high for the first time since July 28, while the tech-heavy Nasdaq Composite hit a record closing high for the third time in four days.

The economic data calendar is light today, ahead of tomorrow morning’s scheduled release of wholesale inflation data. Investors will be keeping close tabs on comments from Fed officials who are due to speak today, amid hopes that the combination of tame inflation and a softening labor market will spur the central bank to cut its key rate as soon as next month.

Shares of the world’s largest technology companies, which have paced the recent rally, were mostly higher in early trading. Tesla (TSLA) climbed nearly 2%, while Amazon (AMZN) and Broadcom (AVGO) both tacked on about 1%. Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG) and Meta Platforms (META) rose slightly, while AI chips giant Nvidia (NVDA) ticked lower.

Among the big movers this morning, shares of fast casual chain CAVA Group (CAVA) plunged 18% after a disappointing earnings report, while AI cloud provider and Nvidia partner CoreWeave (CRWV) dropped 13% following the release of its quarterly results.

Shares of cryptocurrency exchange Coinbase Global (COIN) were up more than 5% as traders awaited the start of trading of another crypto exchange, Bullish, which will trade under the symbol BLSH.

Bitcoin was at $120,100 recently, up from an overnight low of $118,900 and not far from its record high of $123,200 set in mid-July.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.3% at 97.82, trading at a two-week low.

The yield on the 10-year Treasury, which affects borrowing costs on a wide array of consumer and business loans, was at 4.25% this morning, down from 4.29% at yesterday’s close. The yield fell as low as 4.18% last week, its lowest level in three months, as market expectations for interest rate cuts by the Federal Reserve increased after a weak July jobs report.

West Texas Intermediate futures, the U.S. crude oil benchmark, were down 0.2% at $63.05 per barrel, extending a two-week slump that has taken prices to their lowest level since early June. Gold futures rose 0.3% to $3,410 an ounce.