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U.S. stock index futures ticked higher on Wednesday as investors braced for another wave of major corporate earnings, following a sharp pullback in technology and AI-related shares.
By 05:55 ET (10:55 GMT), Dow Jones futures were up 150 points, or 0.3%, while S&P 500 futures gained 0.1%. Nasdaq 100 futures rose a modest 0.1%, reflecting lingering caution toward the tech sector.
Wall Street closed lower in the previous session, with the tech-heavy Nasdaq Composite underperforming and sliding 1.4%. Losses were led by AI bellwethers Nvidia and Microsoft, both of which fell nearly 3%, as investor sentiment toward high-growth software and AI names continued to sour.
Recent weeks have seen growing concern over intensifying competition from new artificial intelligence models, prompting a rotation out of richly valued technology stocks. Investors are increasingly questioning the sustainability of margins and long-term dominance for established software and analytics firms in a rapidly evolving AI landscape.
Against this backdrop, attention is firmly on Alphabet’s earnings, due after the closing bell. Markets will be closely watching how the Google parent justifies its heavy spending on artificial intelligence, including massive investments in data centers and advanced chips. Alphabet’s shares rallied roughly 29% in the final quarter of 2025, buoyed by enthusiasm around its Gemini AI model and a partnership with Apple to help power Siri.
Beyond Alphabet, several high-profile companies are set to report results on Wednesday, including Eli Lilly, Uber, AbbVie and Qualcomm. Advanced Micro Devices also drew attention after its shares slid sharply in premarket trading, as a weaker-than-expected first-quarter outlook overshadowed a record $10.3 billion in fourth-quarter revenue. Chipotle Mexican Grill also came under pressure after reporting a fourth straight quarter of declining customer traffic.
On the macro front, investors are turning to economic data for clues on the health of the U.S. economy. With the monthly government jobs report delayed due to a brief shutdown, ADP private payrolls data later in the session will serve as the key indicator of January labor market conditions. The ISM non-manufacturing PMI is also due, with services activity expected to cool slightly while remaining in expansion territory.
In commodities, gold prices climbed back toward the $5,100 an ounce level, supported by renewed geopolitical tensions between the U.S. and Iran that boosted safe-haven demand. Oil prices also moved higher after reports that the U.S. shot down an Iranian drone near a U.S. aircraft carrier and Iranian gunboats approached a U.S.-flagged tanker in the Strait of Hormuz, raising fears of potential supply disruptions in the Middle East.
Brent crude futures rose to $67.59 a barrel, while U.S. West Texas Intermediate advanced to $63.56 a barrel, extending gains from the previous session.
