US equity-index futures edged higher along with Asian stocks as the recent selling pressure tied to artificial intelligence appeared to stabilize. Precious metals rebounded.
Contracts for the S&P 500 Index rose 0.2% after the underlying gauge fluctuated in Tuesday’s session, eventually closing 0.1% higher. Nasdaq 100 futures rose 0.3%. European equities were also set for a stronger open.
Asian shares rose for the first time in four days, with markets in China, Hong Kong and several regional exchanges still closed for the Lunar New Year holiday. The dollar edged up against all its Group-of-10 peers, with the New Zealand currency sliding the most as traders pared bets for further rate hikes after the central bank stood pat.
After months of gains fueled by optimism over AI, equity markets have turned volatile amid a clash between disruption fears and doubts that heavy spending will yield meaningful returns soon.
The theme is important for Asia — home to much of the world’s chip development and hardware manufacturing — as the region has outperformed the US and European benchmarks this year.
“The market is still close to record highs, but it may not feel that way to some investors because of the sharp selloffs that seem to derail upswings almost as soon as they begin,” said Chris Larkin at E*Trade from Morgan Stanley. “If that theme persists, it could result in a bumpy road for the market, even if the overall trend is to the upside.”
