U.S. index futures are registering a significant drop in pre-market trading this Wednesday, with the technology sector being the most affected.

At 5:50 AM, Dow Jones futures (DOWI:DJI) fell 78 points, or 0.19%. S&P 500 futures lost 0.74%, and Nasdaq-100 futures retreated 1.23%. The 10-year Treasury yield stood at 4.17%.

In the commodities market, oil prices are showing small variations after a drop in previous sessions, influenced by a reduction of 4.4 million barrels in U.S. oil inventories. This decline helped offset concerns about weakened demand in China, which recorded the slowest economic growth since the first quarter of 2023. West Texas Intermediate crude for August rose 0.05% to $80.80 per barrel. Brent crude for September fell 0.06%, near $83.68 per barrel.

Futures prices of iron ore on the Dalian exchange registered a decline for the second consecutive day, influenced by the seasonal reduction in demand from China, its main consumer, and the growth in global supply. The most traded iron ore contract on the Dalian Commodity Exchange fell 0.5% to $113.23 per metric ton.

On the U.S. economic agenda for this Wednesday, the June housing starts will be released at 8:30 AM by the Commerce Department. Industrial production and capacity utilization for June will be released at 9:15 AM by the Federal Reserve. The position of oil inventories up to last Friday will be published at 10:30 AM by the Department of Energy (DoE). At 2:00 PM, the Beige Book will be released by the Federal Reserve.

Asia-Pacific markets showed mixed results. In Australia, the S&P/ASX 200 index reached a historic milestone, reflecting an advance of 0.73%, driven mainly by gold miners such as Northern Star Resources (ASX:NST) and Bellevue Gold (ASX:BGL). In Japan, the Nikkei 225 fell 0.43%, and the Topix gained 0.37%. Hong Kong’s Hang Seng rose 0.15%, while China’s Shanghai Composite fell 0.45%. South Korea’s Kospi and Kosdaq fell 0.8% and 1.21%, respectively.

In Japan, the Reuters Tankan manufacturing index showed an increase in optimism among large manufacturers, rising from +6 to +11. On the other hand, confidence among non-manufacturers decreased, falling from +31 to +26.

In Taiwan, Prime Minister Cho Jung-tai highlighted an increase in defense spending, reflecting a more active stance on military responsibility.

Simultaneously, in Singapore, there was a larger-than-expected decline in non-oil domestic exports, marking the fifth consecutive month of decline, with an annual reduction of 8.7%, while non-oil domestic consumption fell 0.4% monthly, contrary to growth expectations of 4.1%.

European markets are down, with the technology sector also facing a significant decline. Meanwhile, the banking sector showed a slight increase. Inflation in the United Kingdom reached 2% on an annual basis in June, according to data from the Office for National Statistics, slightly above the forecast of 1.9% but consistent with the May rate and aligned with the Bank of England’s target.

On Tuesday, U.S. stocks surged, extending the upward movement of the previous two sessions. The Dow Jones led the way, soaring 742.76 points (1.85%) to a new record of 40,954.48 points. The S&P 500 increased by 35.98 points (0.64%) to 5,667.20, and the Nasdaq rose 36.77 points (0.20%) to 18,509.34. The Russell 2000 also saw a gain of 3.50%.

Among individual stocks, UnitedHealth (NYSE:UNH), Bank of America (NYSE:BAC), and Morgan Stanley (NYSE:MS) all rose after better-than-expected earnings reports.

Tuesday’s economic indicators showed stability in June retail sales. Sales were unchanged after a revised 0.3% increase in May, while sales excluding automobiles rose 0.4%. Additionally, import prices remained stable in June, and export prices fell 0.5%, according to the Department of Labor.

On the earnings front for Wednesday, companies reporting before the market opens include ASML (NASDAQ:ASML), Johnson & Johnson (NYSE:JNJ), US Bancorp (NYSE:USB), Ally Financial (NYSE:ALLY), Elevance Health (NYSE:ELV), Prologis (NYSE:PLD), First Horizon Corporation (NYSE:FHN), First Community Corp (NASDAQ:FCCO), Northern Trust (NASDAQ:NTRS), Synchrony Financial (NYSE:SYF), among others.

After the close, reports are expected from United Airlines (NASDAQ:UAL), Kinder Morgan (NYSE:KMI), Alcoa (NYSE:AA), Discover Financial Services (NYSE:DFS), Crown Castle (NYSE:CCI), SL Green Realty Corp (NYSE:SLG), First National Bank (NYSE:FNB), First Industrial Realty Trust (NYSE:FR), Home Bancorp (NASDAQ:HBCP).

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