Dow, S&P 500 Futures Climb As House Votes To Rescind Trump Tariffs: Why VKTX, NVCR, APP, CRM, QS Are Trending After-Hours

• Investors also weighed a strong January jobs report that pushed back expectations for Federal Reserve rate cuts.
• Software stocks remained under pressure, with the IGV ETF down nearly 3%, even as retail buying surged to a record $176 million over the past month.
• The Kobeissi Letter noted that Amazon overtook Nvidia as the most-purchased U.S. stock among retail investors.

U.S. stock futures traded mostly higher late Wednesday as traders weighed a strong January jobs report, shifting Federal Reserve rate-cut expectations, and fresh developments on U.S. trade policy.

As of 7.46 p.m. ET, Nasdaq 100 futures were down 0.1%, while S&P 500 futures up by 0.01%. Dow futures were up 0.02%.

On Stocktwits, retail sentiment toward SPDR S&P 500 ETF Trust (SPY),  Invesco QQQ Trust (QQQ), and SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘neutral’ amid ‘extremely low’ message volume

US Market Drivers

In the prior session, the Dow Jones Industrial Average fell 0.1%, snapping a three-day winning streak, while the S&P 500 finished marginally lower and the Nasdaq Composite slipped 0.2%.

Trade policy was in focus after the U.S. House of Representatives voted 219–211 to rescind U.S. President Donald Trump’s tariffs on Canadian goods, with six Republicans joining Democrats to back the move. The resolution now heads to the Senate and would also require Trump’s approval, which is considered unlikely.

As the vote unfolded, Trump defended his tariff policy in a post on Truth Social, warning: “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!” 

In a separate post, he said: “Canada has taken advantage of the United States on Trade for many years. They are among the worst in the World to deal with, especially as it relates to our Northern Border. TARIFFS make a WIN for us, EASY. Republicans must keep it that way!”

Separately, the January nonfarm payrolls report showed job growth of 130,000 and a decline in the unemployment rate to 4.3%, easing concerns about a labor-market slowdown. The advance faded as traders scaled back expectations for near-term Federal Reserve rate cuts, with market pricing pushing the timing of the next reduction further into the second half of the year.

Retail Pours Into Software Stocks

The iShares Expanded Tech-Software Sector ETF (IGV) fell nearly 3% in the regular session, after having entered bear-market territory last month. Retail traders, however, are still ‘extremely bullish,’ according to Stocktwits data.

Retail participation in software and technology stocks has also surged. According to The Kobeissi Letter’s post on X, retail purchases of IGV reached a record $176 million over the past month, more than double the prior peak seen in late 2024 and roughly 12x higher than levels at the start of 2026. The surge followed a 33% decline in software stocks from their October 2025 peak.

“This also marks one of the most aggressive retail buying in technology stocks since the data began,” The Kobeissi Letter said. “Retail investors are betting heavily on software stocks.”

The Kobeissi Letter also noted that Amazon has overtaken Nvidia as the most-purchased U.S. stock by retail investors in recent sessions, following its post-earnings decline.

Trending Stocks To Watch On NYSE, Nasdaq

Viking Therapeutics (VKTX): Shares jumped about 9% after-hours after the company said it plans to advance the oral version of its experimental obesity drug into late-stage studies in the third quarter of 2026.

Salesforce (CRM): Share hit a fresh 52-week low in Wednesday’s session and is now at levels seen nearly three years ago amid lingering worries about new AI tools and following reports that over 1,400 employees urged the company to drop any potential business with the U.S. Immigration and Customs Enforcement.

AppLovin (APP): Shares fell over 6% after-hours despite better-than-expected quarterly results and upbeat guidance, as investors digested a retraction by short seller CapitalWatch of allegations against the company’s primary shareholder.

Novocure (NVCR): Shares surged more than 30% in extended trading after the FDA approved Optune Pax for the treatment of adult patients with locally advanced pancreatic cancer.

QuantumScape (QS): Shares over 10% after-hours after the company reported fourth-quarter loss per share of $0.17, in line with consensus, and disclosed GAAP operating expenses of $110.5 million and a GAAP net loss of $100.1 million for the quarter.

How Global Markets Are Performing Today

The yield on the benchmark 10-year U.S. Treasury note rose to around 4.18%. Gold traded near $5,060 an ounce after easing from recent gains, while silver, platinum, and palladium also moved lower.

Economist Peter Schiff said on X that “the bottom is about to drop out of the U.S. dollar.” He added that this will send already high gold and silver prices soaring and also cause sharp increases in commodity prices overall, especially oil. “This will also accelerate the trend to sell America and invest in foreign stocks instead,” he added. 

Asian equities advanced for a fifth straight session, with the MSCI Asia Pacific Index rising 0.4%. Japanese shares gained as markets reopened after a holiday.

Among the catalysts for Thursday are U.S. initial jobless claims, the existing home sales report, and remarks from Federal Reserve Governor Stephen Miran.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on