OPENING CALL

The Nvidia rollercoaster doesn't look over yet. The chipmaker was up 2.4% premarket, potentially looking to extend Tuesday's jump.

Nasdaq futures advanced, suggesting the tech-heavy index and its broader cousin, the Nasdaq Composite, may continue Tuesday's rebounds, which followed a three-session string of declines.

"The performance of the market has been extremely concentrated; the recent volatility is due to the Nvidia effect. This is very unusual," SYZ said.

In recent trading:

Index futures mostly edged up, with contracts tied to the Nasdaq rising the most, while Dow futures were little changed.

Australia's bonds sold off after an inflation reading there came in hotter than expected, prompting economists to forecast an interest-rate hike. The Australian dollar strengthened, while stocks fell.

Japanese stocks gained, with the Nikkei 225 rising more than 1%, as the yen weakened further. European and other Asian stock indexes mostly rose.

More Premarket Movers

FedEx was rising 14% after its quarterly revenue beat Wall Street's expectations.

General Motors named an Amazon and Microsoft veteran as the new chief executive of its troubled self-driving unit, Cruise . GM stock was little changed premarket, having fallen 3.5% on Tuesday.

Micron Technology is due to publish earnings after the market close. Shares were up around 3% premarket.

Rivian Automotive shares rose roughly 40% in premarket trading. Volkswagen said late Tuesday it was investing up to $5 billion in Rivian as part of a software-development partnership.

Shares of Rivian's smaller rival, Lucid, rallied ahead of the market open.

Post Close Movers

TXO Partners announced two asset purchases in the Greater Williston Basin and a public offering. Shares fell 8.3%.

Worthington Enterprises reported a double-digit drop in fourth-quarter revenue, led by a decline in its consumer-products business. Shares fell 6.4%.

Watch For:

New Home Sales for May; EIA Weekly Petroleum Status Report; Chevron 2024 Investor Day webcast; Federal Reserve Board releases annual bank stress test results; Earnings from General Mills, Micron Technology, Levi Strauss, BlackBerry

Today's Top Headlines/Must Reads:

- Shipping Rates Are Soaring. Will They Refuel Inflation?

- Carnival's Ship Is Coming In

- Pro Take: Small Businesses Keep the Labor Market Rolling

MARKET WRAPS

Forex:

Ebury continues to see a mild pullback in the dollar against all G-10 currencies, save the Swiss franc.

"This view is largely centered around our assumption that the U.S. economy has far less room to surprise to the upside than its peers, while the repricing in Fed rates ensures that we now see a more dovish FOMC than priced in by markets."

Ebury expects politics to play an outsized role in FX trading in the second half of the year. November's presidential election, in particular, likely presents the biggest risk to Ebury's FX projections.

UniCredit Research said caution ahead of Sunday's first round of the French legislative elections, in which the far-right National Rally party is expected to make strong gains, continues to weigh on the euro while the safe-haven dollar benefits.

"End-of-the-month flows, still-sluggish equity markets, relatively stable consumer confidence in the U.S. and, above all, the approaching first round of the French parliamentary election continued to weigh on the euro across the board."

Bonds:

The 10-year Treasury yield is expected to remain capped below 4.3% and the two-year Treasury yield to stay relatively flat, barring significant catalysts, BDSwiss said.

Treasury investors focus on upcoming data, in particular on durable goods on Thursday and PCE inflation on Friday, and Fed officials' speeches this week, it said.

While a Fed rate cut this summer appears unlikely, markets are pricing in several rate cuts starting September, which could drive yields lower if they materialize.

Energy:

Oil prices edged higher with all eyes on the EIA's weekly inventory report for insights into demand trends ahead of the July 4 holiday weekend.

Analysts forecast a 2.3 million barrel draw in crude stocks and a 1.2 million barrel decrease in gasoline, while figures from the API reportedly showed oil inventories grew by 914,000 barrels last week.

Metals:

Gold prices edged lower as investors awaited PCE data later this week--a key U.S. inflation reading likely to factor in the Federal Reserve's monetary policy decision--amid recent signs of resilience in the economy.

Meanwhile, base metals prices were broadly flat.

"Today saw another day with marginal movements within the base metals sector, even with the dollar strengthening," Sucden Financial said.

"This indicates an increasing disconnection between macroeconomic factors and the pricing trends of base metals."

Phillip Nova said gold remains in a long-term bullish trend, with prices likely to consolidate in $2,300's ahead of the key inflation print on Friday.


TODAY'S TOP HEADLINES


Tesla Delivery Results Are Coming. This Is the Real Number to Watch and It's Worrying.

Tesla's second-quarter delivery results have the power to move the stock. In which direction depends, of course, on what the electric-vehicle maker reports and what investors expect.

Tesla typically reports quarterly deliveries on the second day of a new quarter. For the second quarter of 2024, the Wall Street consensus call compiled by FactSet is about 440,00o cars delivered, down from about 466,000 cars delivered in the second quarter of 2023.


Microsoft Wrestles With Rising Emissions From AI Ahead of Its 2030 Net-Zero Goal

Microsoft Chief Sustainability Officer Melanie Nakagawa says the members of her team are working their tails off to meet the company's goal of being carbon neutral by 2030, but the path to getting there keeps her up at night.

The tech giant is spending eye-watering sums in its effort to reduce the emissions it produces, while investing heavily in energy-hungry, water-thirsty, carbon-heavy AI data centers.


Bitcoin Rises. Crypto Is Bouncing Back from Fears Over Mt. Gox Refunds.

Bitcoin and other cryptocurrencies were rising on Wednesday. The slump caused by the prospect of refunds linked to the collapsed cryptocurrency exchange Mt. Gox appears to be over.

Bitcoin was up 0.8% over the last 24 hours to $61,538. The largest cryptocurrency hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.


Want to Bet on the CPI or Jobs Report? A Prediction Market Is Coming to This Brokerage

Betting on the latest economic report could be as simple as choosing "yes" or "no."

The trading platform Interactive Brokers Group is launching contracts that allow customers to wager on future events related to the economy and climate.


U.S. Talks Tough on Russia and Iran-So Long as It Doesn't Raise Gas Prices

The Biden administration wants to keep gas prices stable ahead of the election by encouraging oil to flow into global markets. The effort has run square into another priority: being tough on adversaries Russia, Iran and Venezuela.

The policy has led to softer-than-expected sanctions on major oil producers, according to diplomats, former government officials and energy-industry players briefed by current officials.


Falsely Accused Wall Street Journal Reporter Evan Gershkovich in Court for Start of Secret Russian Trial

Wall Street Journal reporter Evan Gershkovich appeared in a Russian court Wednesday to face a false accusation of espionage in a secret trial that will offer him few, if any, of the legal protections he would be accorded in the U.S. and other Western countries.

The 32-year-old American journalist has been imprisoned since March of last year, when he was arrested by the country's Federal Security Service, or FSB, while on a reporting assignment in Yekaterinburg, around 900 miles east of Moscow.


Biden to Pardon Military Service Members Dismissed for Their Sexual Orientation

WASHINGTON-President Biden will move Wednesday to pardon LGBTQ military service members who were discharged or prosecuted because of their sexual orientation, providing a path for them to clear their records and apply for veterans benefits.

Administration officials said Tuesday evening that they didn't know exactly how many former service members would be affected by the order, which creates a process for veterans to apply for a pardon, but they estimate the number is in the thousands.


NATO's New Chief Is a Veteran of Europe's Fights With Trump

BRUSSELS-NATO's next boss is a political survivor who has said "no" to Donald Trump.

North Atlantic Treaty Organization members on Wednesday approved Dutch Prime Minister Mark Rutte to lead the 32-country alliance after current Secretary-General Jens Stoltenberg's term ends on Sept. 30th.


Write to ina.kreutz@wsj.com

TODAY IN CANADA

Earnings:

AGF Mgmt 2Q

BlackBerry Limited 1Q

Corus 3Q

Economic Indicators (ET):

Nothing scheduled

Stocks to Watch:

Appili Therapeutics FY24 Loss/Shr C$0.03; Aditxt Continues Efforts to Raise $20M Required in Connection With Planned Purchase of Appili

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Forsys Metals: Paul Matysek to Retire From Board on June 28

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Stelco Holdings Names Elizabeth DelBianco to Board


Expected Major Events for Wednesday

06:00/GER: Jun GfK consumer climate survey

06:45/FRA: Jun Consumer confidence survey

10:00/UK: Jun CBI Distributive Trades Survey

11:00/US: 06/21 MBA Weekly Mortgage Applications Survey

12:30/US: Annual U.S. International Investment Position

14:00/US: May New Residential Sales

14:30/US: 06/21 EIA Weekly Petroleum Status Report

23:01/UK: Jun CBI Growth Indicator and Service Sector Survey

23:01/UK: May UK monthly automotive manufacturing figures

23:50/JPN: Jun Provisional Trade Statistics for 1st 10 days of Month

23:50/JPN: May Preliminary Retail Sales

(MORE TO FOLLOW) Dow Jones Newswires

06-26-24 0622ET