S&P 500 and Nasdaq futures extended gains on Wednesday, after cooler-than-expected producer prices data for August boosted expectations for a September interest-rate cut from the Federal Reserve.

A Labor Department report showed the Producer Price Index rose 2.6% on an annual basis in August, compared with a 3.3% gain expected by economists polled by Reuters. On a monthly basis, it fell 0.1% compared with an estimated 0.3% rise.

Market Snapshot

At 8:55 a.m. ET, Dow E-minis fell 1 points, or 0.00%, S&P 500 E-minis rose 33.25 points, or 0.51%, and Nasdaq 100 E-minis added 130.25 points, or 0.55%.

Pre-Market Movers

Oracle - Oracle shares surged 32% ahead of the opening bell. The software company missed Wall Street’s targets for quarterly earnings and revenue, but revealed a significant increase in its backlog of contracted work, indicating intense demand for renting artificial-intelligence servers in the cloud.

Nvidia rose 2.8%, AMD rose 4%, Broadcom rose 2.5%, and CoreWeave rose 9.3% following Oracle's update.

GameStop - GameStop stock jumped 9%. The videogame retailer reported earnings of 25 cents a share on revenue of $972.2 million after Tuesday’s close, topping analysts’ expectations.

NIO - Chinese electric-vehicle-maker NIO plans to raise about $1 billion through a share sale to fund its growth. The shares sank 8% in premarket trading.

TSMC - TSMC posted a 34% rise in August revenue, signaling sustained global demand for cutting-edge AI silicon. The shares gained 2.5% in premarket trading.

Synopsys - Synopsys plummeted 23% after the chip design software company reported weaker-than-expected earnings and revenue for its fiscal third quarter, and issued mixed guidance for the current quarter.

Chewy - Chewy's profit fell in its fiscal second quarter, despite an uptick in sales, as the company continued to add customers. Shares fell 8 in premarket trading.

Wearable Devices - Shares in Wearable Devices which makes AI-powered touchless wristbands, jumped 39% after the company said that its loss per share had narrowed to $2.30 from $16.52 in the first half of the year.

AeroVironment - AeroVironment stock jumped 3.5% in premarket trading. The defense contractor raised its profit outlook for the year, after revenue more than doubled in its fiscal first quarter.

Hims & Hers Health - Hims & Hers Health Inc. plans to launch offerings for men with low testosterone on Wednesday, marking the telehealth company’s long-awaited move into the fast-growing hormonal health category. The shares gained 2.2% in premarket trading.

Rubrik - Shares in Rubrik dropped 2.5%, even though the data-security company reported a narrower-than-expected quarterly loss as revenue topped analysts’ estimates.

QMMM Holdings - QMMM Holdings shares pulled back 64% in premarket trading on Wednesday. Shares in digital advertising firm QMMM Holdings skyrocketed more than 2,300% at one point on Tuesday after the firm announced that it would create a $100 million digital assets treasury starting with Bitcoin, Ethereum, and Solana. 

Asset Entities - Shares in the marketing firm Asset Entities soared 110% in premarket trading on Wednesday after its shareholders approved a merger with Vivek Ramaswamy’s Strive Enterprises to form a Bitcoin treasury company.

Market News

Trump Urges EU to Impose 100% Tariffs on China, India to Pressure Putin, Sources Say

U.S. President Donald Trump urged EU officials on Tuesday to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin, according to a U.S. official and an EU diplomat.

Trump also encouraged the European Union to slap India with similarly expansive tariffs, said the official, who requested anonymity to discuss private conversations.

China and India are major purchasers of Russian oil and, as such, they play a vital role in keeping Russia's economy afloat as it continues to pursue its expanded invasion of Ukraine, which began in 2022.

US Judge Temporarily Blocks Trump from Removing Fed Governor Cook

A federal judge on Tuesday temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, an early setback for the White House in an unprecedented legal battle that could upend the central bank's long-held independence.

The preliminary ruling by U.S. District Judge Jia Cobb in Washington, D.C. found that the Trump administration's claims that Cook committed mortgage fraud prior to taking office were likely not sufficient grounds for her removal.

Cook denies any wrongdoing.

Alibaba Mapping App Steps into Local Business Rankings, Intensifying Competition

Alibaba's mapping app Amap is moving away from its traditional focus on navigation and encroaching into rival Meituan's local-lifestyle territory by launching its own ranking of restaurants, hotels and tourist destinations.

Alibaba and Meituan are among the prominent tech companies in China locked in a bitter battle for market share in "instant retail", flooding consumers with discounts and coupons in the booming one-hour delivery segment.

Amap's new function, announced Wednesday, will be known as "Street Stars" and will use artificial intelligence algorithms to rank destinations for Amap's 170 million daily active users.

The app is offering 1 billion yuan ($140.43 million) in subsidies for users to get coupons for ride-hailing or in-store services as part of the new service's launch, which will initially cover 300 cities and 1.6 million listings for local businesses.