Volatility in micro e mini futures eased slightly after yesterday’s sharp swings. Nasdaq micro futures are still outperforming, boosted by optimism in cloud computing stocks. Market sentiment gauges are trending toward mild bullishness. Stocks also found support on Wednesday after the Sep ISM manufacturing index rose more than expected to a 7-month high. In addition, strength in chipmakers supported gains in the broader market, and pharmaceutical stocks rose for a second day on hopes that Pfizer's deal with the US government, which gives it a three-year reprieve from pharmaceutical tariffs, will set a path for other pharmaceutical makers to follow. Heinz’s McCall Cravens on the Importance of Manager Selection Traders in micro e mini futures are watching crude oil price action closely, as rising energy costs can shift inflation expectations. S&P micro futures ticked higher, but analysts caution against chasing rallies ahead of Friday’s employment data.
