U.S. stock futures were little changed on Wednesday, stabilizing after a sharp sell-off in the previous session as investors continued to question lofty equity valuations. Market sentiment remained fragile ahead of key political and corporate developments, including a Supreme Court hearing on President Donald Trump’s use of emergency powers to impose sweeping tariffs.
Futures Struggle for Direction
By 02:39 ET, Dow futures rose 29 points (0.1%), while S&P 500 futures fell 13 points (0.2%) and Nasdaq 100 futures dropped 89 points (0.4%). The prior session’s declines were led by profit-taking in artificial intelligence–linked stocks that have driven much of this year’s market rally.
“[S]tocks suffered broad selling […] as sentiment soured on tech at a time when investors don’t have much appetite to rotate into other parts of the market,” analysts at Vital Knowledge said, adding that the move was “very much driven by ’vibes’ […] instead of actual news.”
The weakness rippled through Asian markets, with Japan’s Nikkei 225 retreating from record highs and South Korea’s KOSPI tumbling as much as 6% before paring losses. “The risk mood has darkened a little this week, with some sizeable corrections emerging in some equity markets,” noted ING analysts Chris Turner and Francesco Pesole.
Market visibility has been further clouded by a lack of official U.S. economic data due to the ongoing federal government shutdown. Investors are instead turning to alternative indicators such as today’s private-sector employment report from ADP for clues on labor market conditions.
Supreme Court Takes Up Trump Tariff Case
The U.S. Supreme Court will hear oral arguments Wednesday on whether President Trump exceeded his authority in using emergency economic powers to impose tariffs on several countries. The case follows lower court rulings that found the president had gone beyond his legal limits under the 1977 International Emergency Economic Powers Act (IEEPA).
Trump has defended his actions, arguing that a $1.2 trillion trade deficit and opioid-related deaths constitute national emergencies. A ruling against the tariffs could strip Trump of a key economic lever he has used in trade negotiations. Treasury Secretary Scott Bessent, however, expressed confidence that the court will uphold the duties, adding that other tariff mechanisms remain available if needed.
AMD Results: Growth Meets Valuation Fears
Shares of Advanced Micro Devices (NASDAQ:AMD) slipped in after-hours trading as investors weighed solid quarterly results against mounting concerns over tech valuations.
AMD reported revenue of $9.25 billion for the September quarter, topping forecasts, with earnings of $1.96 billion, or $1.20 per share. Data center revenue — which includes sales of AI chips — jumped 22% to $4.3 billion. For the current quarter, the company expects revenue of about $9.6 billion, plus or minus $300 million.
CEO Lisa Su said the company is seeing “unprecedented growth opportunities” driven by the global adoption of artificial intelligence. Still, profitability came under pressure, with a 14% decline in data center income as AMD ramped up production capacity to meet demand.
Novo Nordisk Lowers Profit Outlook
Novo Nordisk (NYSE:NVO) trimmed its full-year profit and sales forecasts, marking an early challenge for new CEO Mike Doustdar. The company now expects operating profit growth of 4%–7% at constant exchange rates, compared with previous guidance of 4%–10%.
Doustdar attributed the revision to “lower growth expectations” for its GLP-1 treatments used in diabetes and weight management. He added that Novo aims to “accelerate on all fronts” to remain competitive in what he described as a “dynamic” and “competitive” market.
The update comes as Novo faces pressure from Eli Lilly and a growing number of compounded drug alternatives. Despite once becoming Europe’s most valuable company on the strength of its obesity drug Wegovy, Novo’s shares have fallen 50% so far this year.
Bitcoin Slides Below $100,000
Bitcoin (COIN:BTCUSD) fell on Wednesday, briefly dipping below the key $100,000 level amid the wider retreat in risk assets. The cryptocurrency traded down 2.2% at $101,770 by 03:55 ET after hitting an intraday low of $99,010 — its weakest level since mid-June.
The decline pushed Bitcoin into bear market territory, having dropped more than 20% from its October peak of $126,186. Broader cryptocurrency markets also extended losses, pressured by data from CoinGlass showing over $1.27 billion in leveraged positions were liquidated earlier this week — most of them long bets on Bitcoin’s continued rally.
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