SpaceX Earnings Reignite AI Optimism on Wall Street Pre-Bell; Asia Mixed, Europe Up

MT Newswires Live19:15

Wall Street futures pointed moderately higher pre-bell Wednesday after the SpaceX (SPCX) rocket and AI enterprise overnight posted upbeat Q3 results, and CEO Elon Musk projected annual recurring revenue between $500 billion and $1 trillion by year-end 2027.

SpaceX rose 8.8% pre-bell, helping to boost the Nasdaq composite up 0.5% in the futures. The S&P 500 was up 0.2%, while the Dow Jones was steady.

In other market news, West Texas Intermediate crude oil traded up 2% to $99.77 barrel, and 10-year US Treasuries offered 5.12% in morning action.

Super Micro Computer (SMCI) traded up 12% pre-bell after the IT enterprise reported preliminary fiscal Q1 revenue and margin results above expectations late Tuesday.

On the earnings scene, index heavyweights Meta Platforms (META) and Tesla (TSLA) will report quarterly results after-bell.

Asian exchanges traded mostly higher overnight, spurred in part by the SpaceX quarterly results.

European bourses tracked moderately north midday on the continent.

On the economic calendar is the Atlanta Fed Business Inflation Expectations bulletin for October at 10 am ET, followed by the weekly EIA petroleum status report at 10:30 am.

In premarket action, Bitcoin traded at $83,236, while spot gold commanded $4,122 an ounce.

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