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U.S. stock index futures ticked higher on Wednesday as investors weighed a run of softer economic indicators and positioned for remarks from Federal Reserve Governor Christopher Waller, a closely watched event after recent shifts in policy expectations.
By 06:10 ET (11:10 GMT), Dow Jones futures were up 110 points (+0.2%), S&P 500 futures gained 24 points (+0.4%), and Nasdaq 100 futures advanced 115 points (+0.5%). The move followed a mixed Tuesday session in cash trading, where the Dow Jones Industrial Average and the S&P 500 fell for a third straight day, while the Nasdaq Composite managed a marginal rise.
Markets Brace for Waller After Mixed Labor and Activity Signals
Fresh U.S. data has reinforced the view that the economy is cooling, but not in a clean, linear way—keeping the interest-rate outlook contested.
Nonfarm payrolls grew more than expected in November, according to Tuesday’s report, but the upside on hiring was paired with a jump in the unemployment rate to a four-year high, underscoring ongoing softness in the labor market. The rebound in payrolls also came after a much sharper decline in previous months, adding to questions about underlying momentum.
Other indicators pointed to moderation as well. December PMI readings showed weaker-than-expected growth in both manufacturing and services, while delayed October retail sales data signaled a loss of pace in consumer demand compared with the prior month.
That backdrop has sharpened investor focus on the Fed’s next steps—especially after the central bank cut rates by 25 basis points last week, framing the decision as support for a weakening labor market even as inflation remains sticky. Attention now turns to the November CPI report due Thursday, but the immediate catalyst is Waller’s speech later Wednesday—his first since indicating he may be shifting from a more dovish posture toward a neutral stance following the latest rate move.
Fed Chair Speculation Adds a Political Layer
Waller’s appearance is drawing additional attention after a Wall Street Journal report said President Donald Trump is expected to interview him for the next Fed Chair. Trump has also flagged former Fed Governor Kevin Warsh and White House economic adviser Kevin Hassett as leading contenders to succeed Jerome Powell, whose term is set to end in May. The WSJ report noted Waller is viewed as a less likely pick due to weaker personal ties to Trump relative to the other names mentioned.
Micron in Focus as AI Spending Scrutiny Persists
In corporate news, Micron Technology is set to headline Wednesday’s earnings calendar after the closing bell. Sentiment toward large-cap tech and AI-linked names was rattled last week after disappointing updates from Oracle and Broadcom raised fresh doubts over the durability of heavy AI investment cycles.
Still, analysts at Vital Knowledge described expectations around Micron as strongly positive, with many investors anticipating a multi-year upcycle tied to demand for high-bandwidth memory—an increasingly important component for advanced AI processors.
Elsewhere, Lennar fell in premarket trading after the homebuilder reported quarterly profit that missed expectations, as markets continue to weigh the impact of elevated costs on housing demand.
Media-sector attention also intensified following reports that Warner Bros. Discovery’s board could soon take a stance on Paramount Skydance’s $108.4 billion hostile bid. The Financial Times reported the board may recommend rejecting the offer and instead back an existing arrangement involving Netflix.
