Nasdaq, Dow, S&P 500 Futures Mixed As Oil Hits $100 Again: QCOM, ORCL, AAPL, AMD, TSLA, RKLB, HOOD, GME In Focus

• Brent crude topped $100 for the first time since July as the escalating US-Iran conflict revived inflation concerns.
• Markets are pricing roughly a 60% chance of a 25-basis-point Fed rate hike, with August PPI and CPI data due Thursday and Friday.
• Apple's“Surprise and Shine” event takes center stage, with investors watching for new iPhones, a potential foldable model and updates on its AI strategy. 

U.S. stock futures were mixed early Wednesday following the selloff in the previous session. Surging oil prices, rising Treasury yields and renewed concerns over the impact of artificial intelligence on software stocks weighed on investor sentiment. 

Brent subsequently pushed above $100 on Wednesday for the first time since July as the conflict between the U.S. and Iran escalated, adding another layer of inflation risk to a data-heavy week. Traders are looking ahead to August PPI (Thursday) and CPI (Friday) data. Current market pricing puts the probability of a quarter-point hike at around 60%, according to CME FedWatch. 

As of 4:30 a.m. ET, Nasdaq futures rose nearly 0.2%, S & P 500 futures were up 0.06%, while Dow futures were down nearly 0.1%. 

However, on Stocktwits, retail sentiment for the SPDR S & P 500 ETF (SPY), an exchange-traded fund that tracks the S & P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has remained 'bullish.'

The latest Schwab trading data showed retail investors becoming more selective: August's top buys included Nvidia, Micron, Intel, Google, and SpaceX, while investors booked profits in software names such as ServiceNow, Adobe, Microsoft, Palantir and Oracle. 

Tech Stocks To Watch 

Nvidia (NVDA): James Chanos questioned the economics of Nvidia's highly profitable GPU-rental ecosystem. 

Qualcomm (QCOM): Shares rose over 1% in early premarket trading after it secured an Amazon AI-chip agreement, with revenue starting in the December quarter. 

Marvell Technology (MRVL): Shares inched marginally higher in early premarket trade. CEO Matt Murphy described the company as the“Switzerland” of the semiconductor market because it works with all four major U.S. hyperscalers. 

Advanced Micro Devices (AMD): Shares were subdued in early premarket trade after its CFO outlined an accelerated expansion strategy at Citi's Global TMT Conference, reaffirming its ties with TSMC while keeping alternative foundry options open.

Intel (INTC) shares were under mild pressure in early premarket trade.

Meta Platforms (META): Meta is drawing attention after launching Muse, an AI agent designed to perform tasks across apps and the web, including sending emails, booking travel, filling forms, and making purchases with user approval. 

Apple (AAPL) holds its highly anticipated“Surprise and Shine” product launch event today, with John Ternus making his first major product-event appearance as CEO. Investors will watch for new launches, including a foldable iPhone, and commentary on pricing and Apple's AI strategy.

Oracle (ORCL) reports after the closing bell Wednesday and is one of the most closely watched technology earnings reports of the week.

Trending Stocks

Tesla (TSLA): Shares were muted in early premarket trade despite Elon Musk hyping a 5x faster Cybercab production redesign and Cathie Wood's ARK projecting a bullish long-term robotaxi opportunity.

Rocket Lab (RKLB): Shares rose 4% in early premarket trade after unveiling its next-generation IMM Apex solar cell for space applications.

Robinhood (HOOD): Shares gained nearly 2% in early premarket trade on the back of price target hikes. Jefferies raised its price target to $140 from $127, while StoneX initiated coverage with a $170 price target.

GameStop (GME): GameStop is drawing retail attention after director Lawrence Cheng purchased shares worth nearly $1 million following a Q2 earnings beat.

Other tickers trending on Stocktwits at the time of writing included Arm Holdings (ARM), Rivian (RIVN), Credo Technologies (CRDO), Shopify (SHOP) and Nokia (NOK).

Bitcoin and crypto-linked equities are also on the retail radar. BlackRock's iShares Bitcoin Trust ETF (IBIT), the largest crypto ETF, has attracted about $3.7 billion in inflows this quarter, including nearly $460 million in September alone.

What Else To Watch Wednesday

On the economic front, investors will watch the release of US MBA mortgage applications and ADP weekly employment change data.

On the earnings front, Chewy (CHWY), Academy Sports (ASO), Signet Jewelers (SIG), Oddity Tech (ODD), Nano-X Imaging (NNOX), American Eagle Outfitters (AEO), AeroVironment (AVAV), Lakeland Industries (LAKE) and Lesaka Technologies (LSAK), are among others reporting today. 

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