S&P500: US Stocks Rebound Early as Gold and Yen Flash Caution Before Fed Minutes

Stock Futures Rebound After AI Pullback; Gold Surges and Yen Slides as Traders Await Fed Minutes

U.S. stock futures advanced Wednesday morning, attempting to recover from the S&P 500’s first decline in over a week. The drop followed fresh concerns about the profitability of AI infrastructure after Oracle’s weak cloud margins.

Meanwhile, sharp moves in gold and the Japanese yen reflect rising demand for safe havens ahead of today’s Federal Reserve minutes and next week’s earnings from major banks.

S&P 500 E-mini futures rose 0.19% to 6,774.25. The contract is holding above near-term support at 6,747.25 and remains in an uptrend, with higher lows building since the August low of 6,297.25. The 50-day moving average at 6,585.66 continues to offer technical support.

A trade through yesterday’s low at 6747.25 will confirm the closing price reversal top at 6802.75. This could lead to a steep correction lasting 2 to 3 days. A move through 6802.75 negates the chart pattern.

Did Oracle Just Cool the AI Rally?

Oracle shares dropped 2.5% Tuesday after a report said the company is losing money on some cloud deals tied to Nvidia chips, raising doubts about the near-term payoff of AI investments. The S&P 500 and Nasdaq closed lower, snapping a seven-session win streak, with investors questioning whether valuations in the AI trade remain justified without stronger margin delivery.

Despite the pullback, some strategists suggest the rally may not be over—but portfolio rebalancing is gaining traction as traders weigh risk.

Gold Breaks Out While Yen Weakens—Safe Havens Flash Divergence

Gold futures surged above $4,050 an ounce for the first time, extending a 19% gain over the past month. While momentum remains strong, technical signals show overbought conditions.

Meanwhile, the yen weakened to its lowest level since February, as markets bet that likely incoming Prime Minister Sanae Takaichi will support Japan’s economy through aggressive stimulus.

The divergence between safe haven flows and equity resilience suggests a growing caution beneath the surface.

Confluent, Tesla, Copper Stocks Lead Early Moves

In premarket trade, Confluent surged nearly 20% after Reuters reported the company is exploring a sale following acquisition interest. QuantumScape rose 7% amid speculative buying in EV battery names.

Tesla rebounded 1% after falling 4.5% Tuesday on weak reaction to its latest pricing strategy. Copper stocks outperformed as prices pushed to a 10-week high—Southern Copper gained nearly 3%, while Freeport-McMoRan rose more than 2% following disruptions at its Indonesian mine.

Fed Minutes and Bank Earnings Could Reprice Expectations

Traders are watching today’s Fed minutes for insight into policy division after the September meeting. Markets are still pricing in a pause, but any hawkish language could pressure equities. Earnings from JPMorgan and Citigroup next week will offer a clearer picture of credit health and loan demand.

With S&P futures holding trend support and leadership shifting, traders should remain alert to rate-driven volatility and rotation from AI into resource and M&A plays.

More Information in our Economic Calendar.