Overview

• S&P 500 and Nasdaq set all-time closing highs on Wednesday led by tech and AI megacaps, with U.S. equity futures near flat early Thursday.
• Chip stocks stayed choppy after sharp gains, as AMD extended a multi-day surge tied to AI spending even as peers saw reversals earlier in the week.
• Fed minutes from September showed most policymakers see more easing later this year but flagged inflation concerns, and markets price a high likelihood of an October cut.
• With the shutdown in its second week delaying key reports, traders are turning to Powell’s morning comments and earnings from PepsiCo and Delta for fresh signals.
• Gold held above $4,000 after a record run, while an EIA-reported crude inventory build and reports of progress on an Israel-Hamas peace plan helped pressure oil prices.