Stock Market Today: Dow Jones, S&P 500 Futures Rise Following Tech Rally—Zscaler, United Microelectronics, Braiin In Focus

U.S. stock futures rose on Wednesday, after a mixed close on Tuesday as the Nasdaq advanced, led by tech stocks, while the Dow Jones index ended lower.

During Tuesday’s trading, Micron Technology Inc. (NASDAQ:MU) surged to surpass a $1 trillion market capitalization for the first time, anchoring a major technology sector rally during the regular session. Conversely, Zscaler Inc. (NASDAQ:ZS) tumbled after issuing a current-quarter revenue forecast that fell short of Wall Street’s expectations. –

Meanwhile, the 10-year Treasury bond yielded 4.46%, and the two-year bond was at 4.02%. The CME Group's FedWatch tool‘s projections show markets pricing a 99.9% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

Index	Performance (+/-)
Dow Jones	0.39%
S&P 500	0.28%
Nasdaq 100	0.42%
Russell 2000	0.67%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Wednesday. The SPY was up 0.24% at $752.40, while the QQQ was higher by 0.41% to $733.29.

Stocks In Focus

Box

• Box Inc. (NYSE:BOX) was down 2.42% in premarket on Wednesday despite reporting better-than-expected results for the first quarter and raising its FY27 outlook.

• Benzinga’s Edge Stock Rankings indicate that BOX maintains a weak price trend in the long term but strong trends in the short and medium terms, with a poor growth rank.

United Microelectronics

• United Microelectronics Corp. (NYSE:UMC) jumped 11.24% after it acquired NT$1.03 billion or $31.9 million of machinery and equipment from Japan-based Tokyo Electron in line with plans to expand its manufacturing capabilities.

• Benzinga’s Edge Stock Rankings indicate that UMC maintains a strong price trend in the long and medium terms and a weak trend in the short term, with a solid growth score.

Braiin

• Braiin Ltd. (NASDAQ:BRAI) tumbled 13.45% after soaring by 74.20% on Tuesday, following a $33.6 billion contract with Switchcraft to support the seamless moving of homeowners and renters in the UK.

• Benzinga’s Edge Stock Rankings indicate that BRAI maintains a weak price trend in the long, short, and medium terms.

HP

• HP Inc. (NYSE:HPQ) was up 0.14% as it is scheduled to post quarter earnings after the closing bell. Analysts expect earnings of 71 cents per share on revenue of $14.04 billion.

• Benzinga’s Edge Stock Rankings indicate that HPQ maintains a strong price trend in the long, short, and medium terms, with a moderate value rank.

Salesforce

• Salesforce Inc. (NYSE:CRM) was 0.13% higher as analysts expect it to post quarterly earnings of $3.12 per share on revenue of $11.05 billion, after the closing bell.

• Benzinga’s Edge Stock Rankings indicate that CRM maintains a weak price trend in the short, long, and medium terms, with a poor quality score.

Cues From Last Session

Information technology, materials, and industrials stocks posted the biggest gains on Tuesday, driving most S&P 500 sectors to a positive close. However, consumer staples and energy stocks bucked the overall market trend, ending the session lower.

Index	Performance (+/-)	Value
Dow Jones	-0.23%	50,461.68
S&P 500	0.61%	7,519.12
Nasdaq Composite	1.19%	26,656.18
Russell 2000	1.79%	2,920.54

Insights From Analysts

Lawrence Gillum, Chief Fixed Income Strategist at LP Financial, notes that while the artificial intelligence boom began as an “equity market narrative,” his actual forecasts focus on the fixed income market rather than detailing direct expectations for the U.S. stock market or broader macroeconomy.

He highlights a structural shift where tech giants are moving away from internal cash flows, resulting in a massive wave of AI-driven corporate bond issuance.

Gillum expects overall U.S. investment-grade gross issuance to hit record levels between $1.8 trillion and $2.25 trillion. Because of this massive influx, he warns that “concentration risk is rising,” which could introduce “greater equity-like correlation during periods of AI hype cycles or regulatory scrutiny” to bond portfolios.

Despite these technical pressures and a recent widening of tech credit spreads, his structural outlook remains fundamentally constructive due to the robust balance sheets of hyperscalers.

Rather than looking toward stocks, Gillum concludes that “the current environment favors income-oriented investors who can largely buy and hold bonds while harvesting coupon payments.” Ultimately, he views AI as a force actively reshaping the fixed income universe rather than just fueling equity balance sheets.

Upcoming Economic Data

Here's what investors will be keeping an eye on this week.

• On Wednesday, Dallas Fed President Lorie Logan will speak in Japan at 4:00 a.m., Governor Lisa Cook will speak at 3:55 p.m., and Vice Chair Philip Jefferson will speak at 8:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 4.24% to hover around $89.91 per barrel.

Gold Spot US Dollar fell 0.22% to hover around $4,497.54 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.09% lower at the 99.0830 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.22% lower at $75,757.31 per coin, as per the last 24 hours.

Asian markets closed mixed on Wednesday, as China’s CSI 300, Hong Kong's Hang Seng, and India’s Nifty 50 indices fell, while South Korea's Kospi, Japan's Nikkei 225, and Australia's ASX 200 indices rose. European markets were also mixed in early trade.

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