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U.S. stock index futures were largely unchanged early Wednesday, as investors digested a fresh wave of corporate earnings, including results from Netflix, while awaiting key inflation data later in the week.
At 10:00 GMT, Dow Jones Futures rose 0.1% (17 points), S&P 500 Futures gained 0.1% (4 points), and Nasdaq 100 Futures dipped 0.1% (14 points). The muted tone followed a mixed close on Wall Street Tuesday, when strong earnings from Coca-Cola propelled the Dow Jones Industrial Average to briefly surpass 47,000, marking a new record high before easing slightly into the close.
Earnings Season Takes Center Stage
With more than three-quarters of S&P 500 companies beating forecasts so far, optimism over corporate resilience remains intact, though analysts warn that stretched valuations could limit upside momentum.
Netflix (NASDAQ:NFLX) shares were mixed in premarket trading after the streaming giant reported operating margins of 28%, below expectations due to one-off tax-related charges in Brazil. However, revenue and profits rose, supported by record advertising sales, a surge in subscriber growth, and higher pricing.
Tesla (NASDAQ:TSLA) is due to report after the close, kicking off earnings season for the so-called “Magnificent Seven” megacap tech stocks. The automaker delivered record Q3 vehicle shipments, driven by aggressive discounting and marketing campaigns, though investors are watching closely how results will be affected by the expiration of the $7,500 U.S. EV tax credit.
Elsewhere, Mattel (NASDAQ:MAT) disappointed with weak North American sales, while AT&T (NYSE:T), GE Vernova (NYSE:GEV), and Thermo Fisher Scientific (NYSE:TMO) are set to report before the bell.
Geopolitical Tensions Cloud Market Optimism
Concerns over global stability lingered after reports that the anticipated Trump–Xi summit in South Korea could be delayed amid renewed U.S.–China tensions. Trump’s 100% tariff threats remain on the table, and Beijing has responded with tighter export controls on key materials.
Simultaneously, the planned Trump–Putin meeting was put on hold, following Moscow’s refusal to discuss a ceasefire in Ukraine, dampening prospects for geopolitical de-escalation.
Investors Eye Inflation and Fed Outlook
Attention now turns to Friday’s U.S. Consumer Price Index (CPI) report, expected to guide market expectations for a Federal Reserve rate cut at its October meeting. However, the ongoing U.S. government shutdown, now entering its fourth week, has disrupted several economic data releases, leaving policymakers and traders with limited visibility on the economy’s trajectory.
Overall, sentiment remains balanced but cautious, as Wall Street weighs strong earnings momentum against elevated valuations, trade uncertainty, and persistent political gridlock in Washington.
