Stock futures pointed to modest gains in Europe after chipmakers drove a rally in Asia and yet another record-breaking session in the US.
Futures contracts for the Euro Stoxx 50 climbed 0.2% as the MSCI Asia Pacific Index rose 1%, lifted by the tech-heavy markets of South Korea and Taiwan. S&P 500 futures were little changed.
Traders pushed the S&P 500 closer to the historic 5,500 mark on Tuesday, betting the potential for Federal Reserve rate cuts will keep fueling the tech industry.
To extend this year’s record-breaking surge, Nvidia Corp. became the world’s most valuable company, topping Microsoft Corp.
A Bloomberg dollar gauge was slightly changed after falling in the previous session. There’s no trading of Treasuries globally on Wednesday due to a holiday in the US.
“Tech stock rallies in Taiwan, Korea, and Japan are expected to continue; it’s not just about Nvidia,” said Aisa Ogoshi, a portfolio manager at JPMorgan Asset Management, said in a Bloomberg TV interview. She added that Apple Inc.’s plans on AI will also benefit its suppliers.
