Dow Futures are oscillating near the neutral point on Wednesday, in the wake of a sell-off in the prior session triggered by investor apprehension regarding elevated equity valuations. The U.S. Supreme Court is set to hear oral arguments regarding President Donald Trump’s invocation of emergency economic powers to implement extensive tariffs. Advanced Micro Devices reports an increase in quarterly sales and profit; however, the substantial expenses associated with the swift expansion of its chip production negatively impact income in its vital data center segment. Drugmaker Novo Nordisk has indicated a reduction in growth expectations for its crucial obesity treatment, while Bitcoin has momentarily dipped below the $100,000 threshold.

Dow Futures were in search of direction, following a decline in equities during the prior session, as investors expressed concerns regarding the sustainability of elevated stock valuations. By 02:39, the Dow futures contract had increased by 29 points, representing a rise of 0.1%. In contrast, S&P 500 futures experienced a decline of 13 points, equivalent to 0.2%, while Nasdaq 100 futures fell by 89 points, or 0.4%. The primary U.S. averages experienced a decline on Tuesday, as analysts suggested that a wave of profit-taking may be underway, especially among stocks linked to the artificial intelligence surge that has characterized much of this year. “[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 noted, adding that the decline was “very much driven by ’vibes’ […] instead of actual news.” On Wednesday, the financial markets in Asia experienced these upheavals, although subsequent selling pressure began to show signs of easing. Tokyo’s stock index retreated from a record high achieved on Tuesday, although it managed to recover a portion of these losses. South Korean shares experienced a decline before recovering a significant portion of the losses. “The risk sentiment has deteriorated somewhat this week, as notable corrections have surfaced in various equity markets,” analysts Chris Turner and Francesco Pesole stated. The economic landscape has become increasingly obscured due to a lack of new official data from the United States amid an extended federal government shutdown. This has deprived investors and policymakers of the necessary figures to achieve a clearer assessment of the state of the world’s largest economy and to calibrate interest rates effectively. In the absence of data, markets have shifted their focus to alternative indicators, such as today’s private jobs report for October from payrolls processor ADP.

This week, President Donald Trump’s extensive tariff policies are expected to attract attention as the Supreme Court conducts oral arguments regarding the legality of these levies on Wednesday. The matter has ascended to the Supreme Court following determinations by lower courts that the president exceeded his jurisdiction by utilizing emergency federal powers to impose increased tariffs on various nations. The uncertainty surrounding the court’s 6-3 conservative majority and its potential ruling on Trump’s invocation of the 1977 International Emergency Economic Powers Act, or IEEPA, persists. Notably, the Supreme Court has consistently favored Trump in several significant decisions throughout the year. Trump has established a precedent as the first U.S. president to utilize IEEPA as a legal framework for the imposition of extensive tariffs, contending that a $1.2 trillion U.S. goods trade deficit in 2024, along with American fatalities attributed to the painkiller fentanyl, have amounted to national emergencies. If the tariffs were to be eliminated, Trump would find himself without a significant instrument that he has employed in negotiations with foreign countries during his second term in office. U.S. Treasury Secretary Scott Bessent has expressed his expectation that the high court will rule in favor of the duties based on the IEEPA. Bessent noted that, should it fail to do so, the White House might utilize alternative tariff authorities, including one permitting 15% tariffs for a duration of 150 days to rectify trade imbalances.

Advanced Micro Devices experienced a decline in after-hours trading, as a surge in sales and profits at the AI chipmaker was eclipsed by growing concerns regarding high valuations in the technology sector. AMD, whose shares have more than doubled in value so far in 2025, has been positioning itself as a competitor to Nvidia in the race to deliver the computing power essential for the development of emerging AI technology—a trend that CEO Lisa Su indicated has resulted in “unprecedented growth opportunities” for the company. The firm has garnered substantial support from a diverse array of investors, notably including OpenAI, a prominent player in the AI sector, alongside the U.S. Department of Energy. Revenue from data centers, encompassing sales of AI chips, experienced a notable increase of 22%, reaching $4.3 billion in the September quarter. A top-line return of $9.25 billion for the period exceeded analysts’ average estimates, as reported by LSEG data referenced by Reuters. Income reached $1.96 billion, translating to $1.20 per share, exceeding projections as well. For the current quarter, revenue is projected to reach $9.6 billion, with a variance of plus or minus $300 million, exceeding expectations as well. Investors continued to concentrate on the fundamental aspects of AMD’s profitability, particularly noting a 14% decline in its data center division. AMD, similar to Nvidia, has been striving to increase its chip production to satisfy soaring demand, consequently driving costs upward.

Novo Nordisk has revised its annual profit and sales projections downward, presenting a challenge for new CEO Mike Doustdar, who is charged with reinforcing the Danish pharmaceutical giant’s standing in the expanding market for weight-loss medications. Sales growth has slowed this year, as competition from peer Eli Lilly and alternative drug options undermine Novo’s leading position in the obesity drug market. In 2024, Novo leveraged the widespread acceptance of its Wegovy obesity drug to emerge as Europe’s most valuable enterprise. However, to date, the stock has experienced a decline of 50%. The company indicated that it now expects full-year operating profit to increase by 4% to 7% in constant currencies, compared to the previous guidance of 4% to 10%. Doustdar, who has been at the helm of the firm since August, indicated that the reduced outlook stemmed from “lower growth expectations” for its GLP-1 class of weight management and diabetes treatments. He stated that Novo is striving to “accelerate on all fronts” to enhance its competitiveness in a market that is becoming increasingly “dynamic” and “competitive.” The firm’s shares experienced a modest increase during the early hours of trading in Europe.

On Wednesday, Bitcoin experienced a decline, momentarily dropping beneath the significant $100,000 threshold, reflecting a wider sell-off in risk-oriented markets. The world’s largest cryptocurrency experienced a decline of 2.2%, trading at $101,770.3 as of 03:55. During the session, it had previously declined to a low of $99,010.06, marking its weakest point since mid-June. Bitcoin has also entered a bear market, having experienced a decline exceeding 20% from its early-October peak of $126,186.0. Broader cryptocurrency prices experienced a decline, further extending the recent downward trend. Partially influencing sentiment was data from analytics, indicating that over $1.27 billion in leveraged positions across the cryptocurrency market were liquidated earlier this week. A significant portion of these liquidations involved long positions, as traders who anticipated further price increases in Bitcoin faced substantial losses in the digital asset.