US stock futures declined early Wednesday as investors paused following one of Wall Street's strongest first-half performances in years. The Dow gained 8.9% in H1 2026, its best first-half performance since 2021, while the S&P 500 advanced 9.6%, the Nasdaq climbed 12.8%, and the Russell 2000 surged 21.86%, its strongest first half since 1991. Attention shifts to key labor market data releases, including the ADP employment report and ISM manufacturing PMI, with Federal Reserve Chair Kevin Warsh scheduled to speak at the European Central Bank Forum at 9:30 am ET.
As of 4:00 a.m. ET Wednesday, Nasdaq futures fell 0.5%, while S&P 500, Dow, and Russell 2000 futures declined 0.3%. Investors await crucial labor market updates, including the ADP employment figures and Thursday's June non-farm payrolls report, for clues about the Federal Reserve's trajectory.
Index Performance Data and Retail Sentiment
The Dow gained nearly 8.9% in H1 2026, its best first-half performance since 2021. The S&P 500 advanced 9.6%, the Nasdaq climbed 12.8%, and the Russell 2000 surged almost 22%, its strongest first half since 1991. On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY) remained 'bearish', while the Invesco QQQ Trust (QQQ) ETF stayed 'bullish'.
| Index | H1 2026 Performance | Retail Sentiment (Stocktwits) |
|--------------|---------------------|-------------------------------|
| Nasdaq 100 | +12.79% | QQQ - Bullish |
| S&P 500 | +9.55% | SPY - Bearish |
| Dow Jones | +8.85% | DIA - Bearish |
| Russell 2000 | +21.86% | IWM - Neutral |
Nike Reports Slower-Than-Expected Turnaround Progress
Nike (NKE) stock fell 4% in early premarket trading following an earnings call in which the CEO admitted the brand was "not living up to its full potential" due to softening global sportswear traffic and weak margins in China. Morningstar analysts stated the turnaround story remains intact despite short-term sales pressure.
Tesla Delivery Report Due Thursday
Tesla (TSLA) remained in focus ahead of Thursday's second-quarter delivery report. Wall Street expects deliveries of roughly 410,000 vehicles, exceeding consensus estimates. Michael Burry disclosed a new short position on the stock.
Nio Misses Q2 Delivery Guidance
Nio (NIO) fell 4% in early premarket trade after narrowly missing its Q2 delivery guidance range. The operational milestone of its new ES9 model crossing 10,000 cumulative deliveries within 30 days was overshadowed by the delivery miss.
Intuitive Machines Secures $148.3M NASA Contract
Intuitive Machines (LUNR) stock rose 8% in early premarket trade after announcing it secured its sixth Commercial Lunar Payload Services (CLPS) award from NASA, a firm-fixed-price contract valued at up to $148.3 million.
Micron Falls After Michael Burry Short Position Disclosed
Micron Technology (MU) stock fell 4% in early premarket trade after Michael Burry revealed a short position on the ticker. Micron multiplied four-fold in H1 and committed $250 million to Trump accounts national child savings programs.
Microsoft Plans 2.5% Workforce Reduction Next Week
Microsoft (MSFT) stock rose over 1% in early premarket trade. Reports suggest the company plans to cut roughly 2.5% of its workforce next week across its Xbox, consulting, and sales divisions to preserve capital for AI infrastructure expenditures.
Cadrenal Therapeutics Announces $8.8M Private Placement
Cadrenal Therapeutics (CVKD) stock fell 16% in early premarket trade on news of an $8.8 million private placement priced at-the-market under strict Nasdaq rules.
Wedbush Initiates Coverage on SpaceX and Defense Stocks
Wedbush initiated coverage on SpaceX (SPCX) with an Outperform rating and a $190 price target, highlighting Starlink as a primary profit driver. The brokerage also initiated coverage on AeroVironment (AVAV) and Kratos (KTOS) with Outperform ratings, calling them long-term defense tech winners. Wedbush sees more than 50% upside for AeroVironment and around 70% upside for Kratos.
Additional Stock Movements
AST SpaceMobile (ASTS) surged over 20% this week following a new regulatory filing with the CIAJ in Japan, confirming its Rakuten-led selection for a nearly $1 billion low-Earth orbit satellite network push. Anthropic remained on investors' radar after the U.S. lifted export restrictions on its Claude Fable 5 and Mythos 5 AI models. Sellas Life Sciences (SLS) logged a record 292% gain in the first half of the year as retail traders hold out ahead of the imminent Phase 3 REGAL trial readout for its acute myeloid leukemia treatment. Hims & Hers Health (HIMS) remained on the retail radar after FDA scientists raised concerns over the safety of seven popular weight-loss peptides, though Needham analysts reiterated that an approval path remains viable.
Other tickers trending on Stocktwits included UiPath Inc (PATH), Circle (CRCL), Celsius Holdings (CELH), Ouster Inc (OUST), and Alcoa Corp (AA).
Economic Data Releases and Fed Chair Speech Scheduled
Investors will track the release of the ADP employment report, ISM manufacturing PMI, construction spending, EIA petroleum data, and remarks from Federal Reserve Chair Kevin Warsh. On earnings radar, quarterly reports are expected from General Mills (GIS), FactSet (FDS), MSC Industrial (MSM), UniFirst (UNF), Bassett Furniture (BSET), Franklin Covey (FC), Greenbrier (GBX), National Beverage (FIZZ), VCI Global (VCIG), among others. U.S. stock and bond markets will be closed on Friday, July 3, in observance of Independence Day.
FAQ
What did US stock futures do early Wednesday after the H1 2026 rally?
US stock futures declined early Wednesday, with Nasdaq futures falling 0.5% and S&P 500, Dow, and Russell 2000 futures declining 0.3% as of 4:00 a.m. ET, following one of Wall Street's strongest first-half performances in years.
Why did Nike stock fall 4% in premarket trading?
Nike stock fell 4% in early premarket trading after the CEO acknowledged during an earnings call that the brand was "not living up to its full potential" due to softening global sportswear traffic and weak margins in China, though Morningstar analysts stated the turnaround story remains intact.
When is Federal Reserve Chair Kevin Warsh scheduled to speak?
Federal Reserve Chair Kevin Warsh is scheduled to speak at the European Central Bank Forum at 9:30 am ET, with investors looking for clues on the outlook for interest rates.
