Investing.com – U.S. stock futures were mostly higher on Wednesday, extending a recovery in the technology sector led by market darling Nvidia.
At 0600 ET (1000 GMT) the price was little changed, up 9 points, or 0.2%, and up 53 points, or 0.3%.
Wall Street saw mixed trading on Tuesday, with gains of 0.4% and gains of 1.3%, ending a three-day decline, helped by a rebound in Nvidia shares.
By contrast, the 30-grade stock was the worst performer, losing nearly 300 points, or 0.8%.
NVIDIA Recovery Supports Wall Street
Sentiment was boosted by the recovery of artificial intelligence darling Nvidia (NASDAQ:), which rose nearly 7% on Tuesday, recovering from three straight days of sharp losses driven by profit-taking and growing doubts about demand for AI.
Gains in stocks spread to chipmaker rivals and also helped bolster Wall Street indexes against losses in other sectors. .
However, economically sensitive sectors remain weak ahead of data later this week.
It’s the Federal Reserve’s preferred measure of inflation and will likely factor into the central bank’s plans to begin cutting interest rates.
The US central bank recently cut its forecast for rate cuts this year to one in three. However, many markets are expecting the Fed to announce at least one more rate cut, also expected by the end of the year.
Fedex grows amid optimistic forecasts
Also contributing to the positive sentiment was an upbeat outlook from delivery and logistics giant FedEx (NYSE:), which rose 13% in premarket trading.
FedEx, whose results are seen as a possible marker of the health of the global economy, said it now expects full-year revenue growth to be in the low to mid-single digits. Analysts had predicted growth of 3%.
The company also unveiled plans to repurchase shares worth $2.5 billion in the current fiscal year.
In the other place, Rivian Automotive (NASDAQ:) jumped nearly 40% after the company entered into a joint venture with Volkswagen (ETR:), in which the German automaker will invest an initial $1 billion in the electric vehicle maker.
Quarterly results must be received from General Mills (New York Stock Exchange:) Aand Paychex (NASDAQ:) early Wednesday morning, as well as Micron Technology (NASDAQ:) Later.
Oil prices rise despite rising US crude inventories
Crude oil prices rose on Wednesday despite an unexpected jump in U.S. inventories as traders weighed geopolitical risks and confidence surrounding the summer driving season.
By 06:00 ET, U.S. crude oil (WTI) futures were trading 0.9% higher at $81.58 a barrel, while the Brent contract was up 0.9% at $84.94 a barrel.
Data released on Tuesday showed US oil inventories rose by about 0.9 million barrels in the week to June 21.
This was something of a surprise given expectations for a 3 million barrel inventory draw, but has been largely ignored as investors expect inventory drawdowns during the peak demand season in the third quarter. Official figures will be released later in the session.
(Ambar Warrick contributed to this article.)