Retail sentiment on Stocktwits saw some signs of deterioration, turning ‘neutral’ on SPY and ‘bearish’ on QQQ.
- A three-day pause on planned 50% tariffs on Canadian goods eased immediate trade concerns.
- Geopolitical tensions in the Middle East and a global tech selloff kept investors cautious.
- Trump is scheduled to deliver remarks with technology leaders at 2:30 p.m. ET Wednesday.
U.S. stock futures rebounded early Wednesday as trade tensions eased after President Donald Trump’s temporary tariff pause with Canada, offsetting global tech pullbacks.
President Trump paused a planned 50% tariff hike on certain Canadian goods for three days and signaled a potential revival of the Keystone XL pipeline. However, tensions remain around Middle East diplomacy after reports that the U.S. has halted direct talks with Iran to pursue a broader economic pressure campaign. Reports also indicate Iranian forces have considered expanding potential retaliation to U.S. military assets in southeastern Europe.
As of 4:30 a.m. ET, Nasdaq, S&P500 and Russell 2000 futures rose 0.1%, while Dow futures were flat with a positive bias.
On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has moved to ‘neutral’ from ‘bullish’, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has declined to ‘bearish’ from ‘neutral’.
AI Stocks Face A Fresh Test
Trump is scheduled to deliver remarks with technology leaders at 2:30 p.m. ET Wednesday.
Nvidia (NVDA): Nvidia remains in focus following reports that its H200 chips reached ByteDance and Tencent in small batches. Meanwhile, Michael Burry called the AI chip startup Etched as potentially “serious competition” for Nvidia. Nvidia is scheduled to report earnings Aug. 26.
SanDisk (SNDK) and Micron Technology (MU) stocks recovered in early premarket trade even as global tech stocks faced a rout, with South Korea’s KOSPI triggering a circuit breaker.
Meanwhile, Cathie Wood has described memory as one of the semiconductor industry’s most cyclical and commoditized segments, and added that she stays away from the likes of MU and SKHY. Instead, she is betting big on Cerebras.
Cerebras (CBRS) unveiled its CS-4 accelerator on Tuesday, claiming up to 30 times the performance of GPU-based solutions in certain workloads.
SK Hynix (SKHY) stock soared 6% in early premarket trade after it announced that it plans to buy back and cancel 40 trillion won ($29 billion) of its treasury shares.
Trending Stocks
Carvana (CVNA) shares saw a mild rebound in early premarket trade amid concerns that billionaire Mark Walter could monetize or otherwise use his Carvana stake to meet financing obligations. Two directors also reportedly sold shares, adding to retail anxiety.
Datavault AI (DVLT) fell 2% in early premarket trade ahead of its second-quarter earnings release.
Other tickers trending on Stocktwits at the time of writing included WhiteFibre (WYFI), Klarna Group (KLAR), and Cipher Digital (CIFR).
What Else To Watch Wednesday
On the economic front, investors will watch the release of the Federal Reserve’s minutes from its July meeting, which could offer fresh clues on the interest-rate debate.
On the earnings front, Target Corp (TGT), Lowe’s Cos., Inc. (LOW), Zim Integrated Shipping Services Ltd (ZIM), Webull Corp. – Ordinary Shares – Class A (BULL), and Coty Inc – Ordinary Shares – Class A (COTY) are among those reporting today.
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