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US stock futures hit pause on Wednesday as Wall Street weighed US progress on trade deals with just a week to go until the resumption of President Trump’s sweeping tariffs.
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all ticked up about 0.1%.
Markets are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump’s “reciprocal” tariffs lifts on July 9. Trump reiterated on Tuesday that most countries will get a letter with a “take it or leave it” tariff rate.
Read more: The latest on Trump’s tariffs
The fear is that historically high tariff rates could push up inflation as businesses pass on costs, which would likely shape the Federal Reserve’s thinking on interest rates.
Meanwhile, eyes are on an ADP update on private payrolls for June, due before the bell on Wednesday. The data will lay the ground for the release of the June US jobs report on Thursday, also seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Any labor market weakness will be closely watched as it could strengthen the case for easing.
On Tuesday, stocks were mixed as Trump’s “One Big Beautiful Bill” cleared the Senate, with Vice President JD Vance casting the tie-breaking vote. The bill now heads to the House, where Speaker Mike Johnson aims to pass the legislation by Thursday, July 4. Economists estimate the bill’s final price tag could top $4 trillion.
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Trending tickers: Centene, Wolfspeed and Intel
Here are some top stocks trending on Yahoo Finance in premarket trading:
Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector.
Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy.
Intel (INTC) stock fell 1% in premarket trading following the new chief executive’s plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its “foundry” business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said.
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Trump tariff risks put Asian stocks’ strong July record to test
If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment.
Bloomberg News reports:
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Asian markets mixed with tariff deadline in focus, Singapore hits record high
Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide.
Singapore’s benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record.
Australia and Hong Kong led gains as Australia’s S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%.
Japan saw loss in the country’s major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%.
Korea’s Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal.
Mainland China’s CSI 300 (000300.SS) hovered near the baseline.
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Jeff Bezos sold 3.3 million Amazon Amazon in June
