5 Things to Know Before the Stock Market Opens

Stock futures are moving lower in early-Wednesday trading as investors continue to parse earnings reports and digest heightened worries over AI stock valuations; market watchers are monitoring Washington, with lawmakers still working to end the shutdown and investors watching for private-sector jobs numbers later today; Advanced Micro Devices (AMD) shares are falling after the chipmaker reported record revenue on strong data center sales; Super Micro Computer (SMCI) shares fell after its earnings report missed estimates; Pinterest (PINS) shares are plummeting after its earnings came in worse than expected.

Here’s what you need to know today.

1. Stock Futures Pointing Lower After Markets Plunge

Stock futures were pointing lower in early trading after yesterday’s market plunge, which was powered in part by worries that artificial intelligence stocks were valued too highly. Futures tied to the tech-focused Nasdaq 100 were lower by 0.4% in premarketactoin, while those tied to the S&P 500 were down by 0.3%. Dow Jones Industrial Average futures were wavering. In yesterday’s session, the Nasdaq, S&P 500, and Dow Jones finished down a respective 2%, 1.2%, and 0.5%.

Bitcoin is trading at around $102,000. It dipped to into five-digit territory yesterday as it continues to pull back from the record high set in early October. Yields on the 10-year Treasury note, which impacts a range of consumer loans, was slightly lower at 4.08%. Gold futures moved higher to $3,975 an ounce after falling below that level in Tuesday’s session. Oil futures were lower by 0.5% to trade at around $60.21 a barrel.

2. ADP Employment Report Comes as Lawmakers Look to End Shutdown

With the government shutdown now the longest in U.S. history, lawmakers were reportedly close to a bipartisan deal that could bring an end to the work stoppage. Senate Majority Leader John Thune, a South Dakota Republican, laid out a short-term bill that could reopen the government as negotiations on healthcare funding continued, The Wall Street Journal reported.

Meanwhile, the shutdown has put a freeze on government economic data releases, so investors are watching today’s ADP employment report, which is expected to show that the private sector added 22,000 jobs in October. September’s reports showed job losses of 32,000, according to a survey of economists by The Journal and Dow Jones Newswires. The shutdown is expected to delay Friday’s release of the October U.S. jobs report.

3. AMD Shares Falling After Record Results

Advanced Micro Devices (AMD) shares are falling despite reporting record quarterly results that beat analyst estimates as demand for AI helped boost sales of its data center chips. AMD posted adjusted earnings per share of $1.20 on revenue that jumped 36% year-over-year to a record $9.25 billion in the third quarter, well above analysts’ estimates compiled by Visible Alpha. For the current quarter, AMD said it sees revenue between $9.3 billion and $9.9 billion, above the analyst consensus of $9.17 billion.

CEO Lisa Su said the company’s results mark “a clear step up in our growth trajectory as our expanding compute franchise and rapidly scaling data center AI business drive significant revenue and earnings growth.” Shares of AMD have nearly doubled entering today’s session, but were lower by more than 4% in premarket trading.

4. Super Micro Computer Shares Drop After Earnings Miss

Super Micro Computer (SMCI) shares were lower after the chipmaker posted results that missed analyst estimates. Supermicro’s fiscal 2026 first-quarter revenue dropped more than 15% from a year ago to come in at $5.02 billion, well below the $5.78 billion that analysts surveyed by Visible Alpha were projecting. The company’s adjusted earnings per share of $0.35 was also shy of expectations.

Supermicro also offered a quarter-quarter profit forecast of $0.46 to $0.54, lower than the Visible Alpha consensus of $0.60 that was later lowered to $0.50. Supermicro lowered its revenue forecast earlier this month, citing project delays that shifted sales. While Supermicro shares are higher by more than 50% so far this year, they were down by almost 7% in premarket trading.

5. Pinterest Shares Plummet After Earnings Miss Estimates

Pinterest (PINS) shares are plunging in early trading after the social media company reported results that came in below estimates. Pinterest’s third-quarter revenue was $1.05 billion, which grew 17% from the year-ago quarter but lower than analyst estimates compiled by Visible Alpha. The company’s adjusted earnings per share of $0.38 was below the $0.41 that analysts were expecting.

CEO Bill Ready said that the company was utilizing AI technology. “We’ve become a leader in visual search and have effectively turned our platform into an AI-powered shopping assistant for 600 million consumers,” he said in a release. While Pinterest’s shares are higher by more than 7% so far this year, its share price of $32.91 was below the consensus price target of $39.75 that analysts forecasted this summer. Pinterest shares are lower by more than 18% in premarket trading.