The futures linked to the DOW JONES index rose a slight 0.09% to 46,737.60 points, while those of the S&P 500 advanced a also modest 0.07%, to 6,744.90 points. NASDAQ 100 futures rose 0.13% to 25,010.50 points.
Wall Street is coming off a mixed close yesterday. The Dow Jones ended up falling 0.14%, but the S&P 500 advanced 0.36% and reached new highs for the 32nd time so far in 2025. The technological Nasdaq advanced 0.71%, also marking a new all-time high, in its case for the 31st time.
Stocks have advanced rapidly in recent weeks, driven by a flurry of artificial intelligence deals. Yesterday, the big protagonist was Advanced Micro Devices, which ended up closing with a rise of 24% after reaching an agreement with OpenAI which may result in the company behind ChatGPT ending up taking a stake of up to 10% in the chipmaker.
The New York market is in a zone of maximums despite the implications it may have the current closure of the US Administration, which will extend at least one more week. Republicans and Democrats have so far been unmovable, and President Donald Trump blames the Democrats. In a Social Truth publication he stated that he is “willing to collaborate with Democrats on their failed health policies, or anything else, but first they must allow our government to reopen.”
The shutdown has delayed the release of key economic data, especially the September jobs report (due last Friday), and has therefore reduced the amount of information the Federal Reserve will have available before its monetary policy meeting at the end of the month. The moment is delicate, since the Fed justified the decision to lower rates in September for the first time this year based on the deterioration of the labor market. At least investors will be able to see the minutes of this meeting, which will be published tomorrow, Wednesday afternoon.
In the absence of official data, some firms are making their own assumptions. It is the case of Carlylefor example, that estimates a growth of only 17,000 jobs in the month of September.
Valores protagonistas: Constellation Brands, Ford, Trilogy Metal…
On a business level, the quarterly results season has started this week awaiting the highlights of PepsiCo and Delta Air Lines this Thursday. It is estimated an average increase in earnings per share for the S&P 500 of 8.8%according to calculations by Bankinter analysts. In the second quarter, earnings per share rose 13.8%, compared to the 5.8% expected before the first company’s publication. In the first quarter it increased 13.7%, compared to the 6.7% initially expected.
One of the first companies to publish its accounts was Constellation Brands, which registered increases of more than 3% after exceeding Wall Street estimates. The company behind Corona beer posted adjusted earnings per share of $3.63 per share, compared to the $3.38 expected by the market. Revenue fell 15% to $2.48 billion, but beat analysts’ forecast of $2.46 billion.
“As we continue to navigate a challenging socioeconomic environment that has slowed consumer demand, our teams remain focused on executing our strategic objectives, including driving distribution profits, disciplined innovation and investment behind our brands,” CEO Bill Newlands says in a statement.
Ford Motor shares are moving lower after a fire occurred overnight at an aluminum plant in New York. His absence will negatively affect the operations of Ford Motor and other automakers for the coming months.
Trilogy Metals shares soared more than 160% in pre-market trading after the US government announced a $35.6 million investment to support metals exploration in Alaska. The purchase gives the US government a 10% stake in Trilogy.
In commodity markets, oil prices are back on the decline after Monday’s gains, as a smaller-than-expected OPEC+ production increase in November helped ease some fears about a growing supply glut. US West Texas futures fell 0.13% to $61.61 per barrel, while the international benchmark Brent was paid at $65.39, down 0.12%.
Gold is moving slightly downward today to reach $3,959.07 per ounce in its spot variety, although it is still close to its highs.
Much of the blame for the declines in oil and gold has to do with the rise of the dollar in the foreign exchange market against currencies such as the yen and the euro due to the political crisis in France and the change of course in the Japanese Government with the arrival of Sanae Takaichi. At this time, the euro is falling 0.33% against the greenback, leaving the exchange rate at $1.1674 for each single currency.