U.S. stock index futures turned positive on Wednesday, after Trump said that the stock market has repeatedly hit new highs in the past 9 months and will reach new highs again.

U.S. private payrolls rebounded sharply in October, but the turnaround likely does not suggest a material shift in the labor market because some industries such as professional business services shed jobs for a third straight month.

U.S. President Donald Trump told a group of Republican senators at the White House on Wednesday that the ongoing government shutdown is impacting the stock market, as well as airlines and SNAP food benefits for low-income Americans.

During the breakfast meeting, Trump again argued for terminating the filibuster, a legislative move that would end long-standing Senate norms to make it easier for the majority to jam through legislation.

Market Snapshot

At 8:56 a.m. ET, Dow e-minis were up 35 points, or 0.07%, S&P 500 e-minis were up 3.75 points, or 0.06%, and Nasdaq 100 e-minis were up 14.5 points, or 0.06%.

Pre-Market Movers

AMD - AMD fell 3.1% ahead of the opening bell. The chip maker reported better-than-expected earnings and revenue for the third quarter. Data center revenue in the period rose 22% to $4.3 billion. AMD said it expects fourth-quarter revenue of about $9.6 billion, plus or minus $300 million, versus analysts’ expectations of $9.2 billion. The stock was taking a hit as investors fretted that artificial-intelligence valuations may have become too bloated.

Palantir - Palantir shares dropped another 2.3% in premarket trading on Wednesday. Palantir stock fell 7.9% on Tuesday as the company reported a strong quarter that left some investors with questions over the company's lofty valuation.

Unity Software - Unity Software saw its shares soar 11.8% in premarket trading on Wednesday after the video game software development company reported better-than-expected third-quarter results and released upbeat revenue guidance.

Arista Networks - Arista Networks declined 9.2%. The cloud services provider posted better-than-expected third-quarter adjusted earnings as revenue rose 27% to $2.31 billion and beat forecasts, but sales guidance for the fourth quarter disappointed. Arista said it expects revenue in the period of $2.3 billion to $2.4 billion compared with projections of $2.33 billion.

Super Micro Computer - Super Micro Computer tumbled 7% after the server maker reported weaker-than-expected fiscal first-quarter earnings and revenue and issuedmixed guidancefor the current quarter.

Lending company Upstart expects its growth to slow going forward — and by more than Wall Street was expecting. Shares of the financial-technology company, which uses AI to inform lending decisions, fell 13.2% in premarket trading on Wednesday following downbeat guidance for the December quarter.

Pinterest - Pinterest plummeted 18.7% after the social-media platform reported weak third-quarter earnings. Fourth-quarter revenue guidance also disappointed, while the company’s outlook for adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, was in line with Wall Street expectations.

Clover Health reported its third-quarter 2025 earnings, revealing a significant earnings per share (EPS) miss. The shares sank 22.7% in premarket trading on Wednesday.

Axon Enterprise - Axon Enterprise tumbled 17.4% after the Taser maker swung to a loss in the third quarter, and adjusted earnings in the period of $1.17 a share missed analysts’ expectations of $1.52. The company also said it was acquiring Carbyne, an emergency communications and response platform. The deal is valued at $625 million.

Novo Nordisk - Novo Nordisk lowered its potential growth outlook as it faces competitive pressure from copycat versions of its weight-loss drugs Ozempic and Wegovy. The Danish pharmaceutical company now expects operating profit growth of between 4% and 7% at constant exchange rates this year, from a previous expected range of 4% to 10%. Sales growth was estimated at between 8% and 11% from a prior range of 8% to 14%. “Thenarrowing of the guidance rangesreflects lowered growth expectations for Novo Nordisk’s GLP-1 treatments within diabetes and obesity,” the company said in statement. U.S.-listed shares of Novo Nordisk fell 0.4%.

Cava Group - Mediterranean restaurant chain Cava Group cut its annual same-store sales growth forecast for the second time this year, signaling sluggish spending on dining out by budget-conscious customers. Shares of the company were down 6.7% in premarket trading on Wednesday.

DigitalOcean - DigitalOcean shares jumped 7% after the company reported third-quarter earnings and revenue that exceeded analyst expectations, while also raising its full-year outlook on strong demand for its cloud services.

Lemonade - Lemonade stock jumped 10% in Wednesday premarket trading as the company once again raised guidance after delivering stronger-than expected Q3 earnings.

Humana - Humana posted third-quarter adjusted earnings of $3.24 a share, better than analysts’ estimates of $2.93. Humana’s medical-loss ratio, which measures the share of premiums paid out to cover medical expenses, was in line with expectations at 91.1%. The stock declined 4.3%, however, after Humana lowered its full-year guidance.

McDonald's - McDonald’s rose 0.5% after third-quarter adjusted earnings slightly missed analysts’ estimates. Same-store sales increased 2.4% in the U.S. during the quarter, while global same-store sales rose 3.6%. Sales for company-owned and operated restaurants, as opposed to franchises, were down 3%.

Kratos Defense & Security Solutions - Kratos Defense & Security Solutions fell 6.6% after the drone maker issued fourth-quarter sales guidance that missed analysts’ estimates.

Biohaven - Shares of Biohaven plunged 43.4% in the premarket on Wednesday after the company said the U.S. FDA issued a Complete Response Letter in response to its marketing application for its lead asset Vyglxia (troriluzole), rejecting the drug's approval.

Lumentum - Lumentum shares surged 15.3% in premarket trading on Wednesday after the optical components maker reported strong fiscal first-quarter results and issued guidance that significantly exceeded analyst expectations, driven by robust demand from AI data center applications.

Market News

China Suspends Some US Tariffs, yet Soybean Buyers Still Face High Tariffs

China will suspend for one year the 24% additional tariffs it imposed on U.S. goods in April, while maintaining the 10% levies also introduced in response to U.S. President Donald Trump's 'Liberation Day' duties, its Cabinet confirmed on Wednesday.

The State Council's tariff commission also announced it would remove the duties of up to 15% it imposed on certain U.S. agricultural goods from November 10, referring to a release from March detailing the products the world's top agricultural buyer would begin taxing on import.

But the cut still leaves Chinese buyers of soybeans facing tariffs of 13%, including a preexisting 3% base tariff. Traders say that makes U.S. shipments still too expensive for commercial buyers compared to Brazilian alternatives.

Crypto Hit by Bitcoin Whales Dumping $45 Billion in Bets

Bitcoin has been falling again — but this time, it’s not leverage breaking the market.

The original cryptocurrency fell as much as 7.4% to dip below the $100,000 mark for the first time since June. That’s down more than 20% from a record high reached a month ago. Bitcoin pared losses on Wednesday morning in Asia, but is still struggling for a sure footing.

Unlike the cascading wipeouts that triggered the October crash, the current slide has been led by a steady drumbeat of selling in the spot market. That marks a shift from the pattern crypto traders have come to expect lately, where sudden bursts of volatility are typically driven by liquidations in futures markets.

Long-time Bitcoin holders have offloaded around 400,000 Bitcoin over the past month, an exodus of about $45 billion that’s left the market unbalanced, according to Markus Thielen, head of 10x Research.

Nvidia Cannot Sell Its Most Advanced AI Chip to China, White House Says

The Trump administration is not planning to allow Nvidia to sell its most advanced AI chip, known as the Blackwell, to China right now, the White House said on Tuesday.

"As for the most advanced chips, the Blackwell chip, that's not something we're interested in selling to China at this time," White House spokeswoman Karoline Leavitt said during a press conference at the White House.

The remarks echoed comments made by President Donald Trump on Sunday, when he declared that the most advanced chips made by the world's most valuable company would be reserved for U.S. companies and kept out of China and other countries.