U.S. stock index futures showed little directional bias early Wednesday, with the Dow Jones Industrial Average expected to open slightly higher at 53,410 points, while the Nasdaq 100 was projected to decline to 29,456, according to broker IG.
Premarket activity was dominated by biotechnology stocks after Moderna Inc. shares surged nearly 100% to $122, the highest level since July 2024, following positive late-stage trial results for its personalized mRNA cancer vaccine, Intismeran Autogene, used in combination with Merck & Co Inc.’s Keytruda. The combined therapy reduced melanoma recurrence and spread compared with Keytruda alone, marking a potential milestone for mRNA-based treatments. Merck’s shares rose 8% premarket to $146, while BioNTech SE advanced 16%.
Analog Devices Inc. shares gained 1% premarket after Goldman Sachs upgraded the chipmaker, citing solid quarterly results and an improved outlook. The gains contrasted with weakness in Lowe’s Cos Inc., whose shares fell 3.7% premarket after the home improvement retailer cut its full-year revenue guidance and now expects flat same-store sales, down from an earlier forecast of up to 2% growth. Adjusted earnings per share were revised to $12.25, at the lower end of prior guidance. Lowe’s cited reduced consumer spending on large renovations amid higher mortgage rates and slower home sales.
Estee Lauder Cos Inc. shares rose 8% premarket after the cosmetics company raised its annual guidance despite reporting strong quarterly results. Target Corp. shares declined 1.5% premarket despite beating expectations with same-store sales growth of 3.8% in the second quarter, while adjusted earnings per share of $4.11 exceeded forecasts of $2.33. Analysts noted Target’s performance was strong but the bar had been set high, with the stock up more than 50% year-to-date.
In European markets, the Swiss Market Index (SMI) rose 0.36% to 14,326 points, supported by defensive stocks despite geopolitical risks and rising bond yields that weighed on semiconductor shares. Geberit AG led gains among blue chips, advancing 7.2% after reporting first-half results that topped expectations and citing positive trends in its core European market. Roche Holding AG, Nestlé SA, and Novartis AG each rose around 0.1%, while Swiss Life Holding AG, Swiss Re AG, and Zurich Insurance Group AG fell between 0.2% and 0.7%. UBS Group AG was little changed.
Straumann Holding AG shares dropped 6.3% after its CEO announced plans to leave, despite the dental implant maker posting quarterly results that exceeded analyst expectations. Implenia AG gained 5.8% on strong first-half numbers, while Sensirion Holding AG rose 6.3% after raising its full-year outlook. BKW Energie AG fell 0.8% after lowering its annual targets, and Emmi AG shares declined 2.1%.
European natural gas prices surged to the highest level since the early stages of the Iran conflict, with the front-month TTF contract trading at €64.60 per megawatt-hour in Amsterdam, up from around €30 before the conflict began. Brent crude oil prices remained above $90 per barrel amid ongoing geopolitical tensions.
