S&P futures experienced an uptick on Wednesday, driven primarily by the technology sector, as market participants anticipated the forthcoming release of the minutes from the Federal Reserve’s latest policy meeting. Futures associated with the Dow Jones Industrial Average increased by 178 points, representing a 0.4% rise. S&P 500 futures increased by 0.5%, whereas Nasdaq 100 futures rose by 0.7%. Amazon shares experienced an increase of over 1.6% following regulatory disclosures indicating that Bill Ackman’s Pershing Square expanded its investment in the e-commerce leader by 65% in the fourth quarter.

Consequently, Amazon ranks as the fund’s third-largest holding. The action follows the stock’s interruption of a nine-day decline. Micron experienced an increase of over 1% following the news that David Tepper’s Appaloosa Management had augmented its stake in the semiconductor company. Nvidia shares increased by 2.2% in the premarket as well. Market has concluded a subdued session, with the major averages registering modest gains. The software sector, already facing pressures from concerns over potential disruptions caused by artificial intelligence, experienced a decline during the session. “No one knows exactly how this is going to play out,” stated Keith Lerner. “From our perspective, however, it is noteworthy that you have recalibrated those expectations; should earnings materialize, even a modest piece of positive news can have a significant impact,”

“In examining the forward earning estimates across various sectors, technology remains the most robust, having increased approximately 20% over the past four months. … We still think it deserves the benefit of the doubt,” stated market strategist. Market participants are closely monitoring the forthcoming minutes from the Federal Reserve’s January meeting. This week, a significant catalyst is anticipated with the upcoming release of the personal consumption expenditure price index reading scheduled for Friday.