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US stock futures pointed lower on Wednesday, following a positive session on Wall Street. The main indices closed higher on Tuesday, lifted by hopes that the Federal Reserve is on track for a “soft landing” in the US economy. This means inflation could be controlled without triggering a major downturn in labor demand or broader economic activity. Investors are now turning their attention to fresh inflation data due later this week.
Technology stocks led the charge on Tuesday, with Nvidia (NASDAQ: NVDA) gaining 4% and Broadcom (NASDAQ: AVGO) up 3%, as analysts at Vital Knowledge noted in a client update.
In major news, the US Department of Justice is considering significant sanctions against Google (owned by Alphabet) after a landmark antitrust ruling. One of the most dramatic potential outcomes could be a break-up of Google’s business to address its monopolistic practices, especially in its web browser, app store, and search engine dominance.
Mining giant Rio Tinto has agreed to acquire Arcadium Lithium for $6.7 billion. This all-cash deal will help Rio Tinto expand into the electric vehicle supply chain, securing valuable lithium production. The acquisition is expected to close in mid-2025, positioning Rio as a leader in materials essential to the energy transition.
Meanwhile, Boeing has withdrawn its offer to striking machinists, halting negotiations with the International Association of Machinists and Aerospace Workers. The breakdown in talks follows a month-long strike that is putting significant financial pressure on Boeing, already facing scrutiny over its safety record.
Oil prices have bounced back slightly after sharp declines on Tuesday. The drop was due to disappointment over the lack of new fiscal stimulus in China and reports of a possible ceasefire between Hezbollah and Israel, signaling potential de-escalation in the Middle East.
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