Big tech stocks rose in overnight trading. Tesla Motors up 2.4%; NVIDIA, Taiwan Semiconductor Manufacturing, Meta Platforms, Inc. rose 1%.

California late Tuesday gave Tesla approval to use its electric cars to drive its own employees. The move is seen by bulls as a step toward a robotaxi launch.

Chief Executive Elon Musk's company received the green light on Tuesday from the California Public Utilities Commission for a transportation charter-party carrier permit. That gives Tesla the ability to transport employees in company-owned vehicles before potentially later transporting members of the public.

AI stocks rose in overnight trading. SoundHound AI Inc, AppLovin Corporation rose 2%; Tempus AI, BigBear.ai Holdings, Palantir Technologies Inc., C3.ai, Inc. rose 1%.

Bitcoin rose near to $86,000. Crypto stocks continued to rise in overnight trading. Canaan Inc. rose 3%; Strategy rose 1.4%; Coinbase Global, Inc. and Riot Platforms rose 1%.

Five Below rose 12% in overnight trading.

Five Below reported a sales increase of 3.7% year-over-year to $1.39 billion for the quarter that ended on February 1. When excluding the impact of the 53rd week in fiscal 2023, sales rose by 7.8%, although comparable sales decreased by 3.0%. The growth was generated by a higher store count as Five Below company expanded its store base by 14.7% to 1,771 locations across 44 states, having opened 22 net new stores in comparison to a year ago.