U.S. stock futures were mixed on Wednesday, continuing momentum from the previous session’s rally that lifted the S&P 500 to a new closing high. Investor optimism was fueled by anticipation of a resolution to the Iran conflict, although mixed corporate earnings in the technology sector tempered the momentum.
At 4:19 p.m. (Bangkok Time), Dow Jones Industrial Average futures added 0.26%, while S&P 500 futures gained 0.27%. Meanwhile, Nasdaq 100 futures edged 0.05% lower. These movements followed a robust regular session on Wall Street, where technology stocks rebounded sharply and declines in oil prices provided support to risk assets.
NVIDIA shares advanced roughly 2% in extended trading after the company announced it would partner with SpaceX on semiconductor production. However, the after-hours session also featured notable declines as SpaceX and Advanced Micro Devices (AMD) both disappointed investors with their quarterly results.
SpaceX reported that its capital expenditures soared sixfold year-over-year to $18.4 billion, primarily driven by increased investment in artificial intelligence infrastructure. Although the company’s earnings exceeded consensus forecasts, its focus on higher internal spending unsettled investors, leading to around 10% fall in pre-market trading.
AMD similarly slipped, dropping roughly 8% ahead of the market open, after releasing adjusted earnings that were only marginally better than analyst expectations.
The surge on Wall Street Tuesday was supported by signals from U.S. officials, including President Donald Trump, pointing to an imminent agreement that could reopen the Strait of Hormuz. Axios reported that a potential accord involving the U.S., Oman, and Iran may be announced as early as Wednesday. However, Iranian media outlets indicated that progress could be delayed due to ongoing U.S. threats.
Investors are also looking ahead to a series of key corporate earnings reports scheduled for Wednesday. Disney will report results in the morning, along with Uber and Eli Lilly. E.l.f. Beauty and DoorDash are set to disclose quarterly figures later in the day.
On the economic calendar, market participants will be monitoring the release of the ADP private payrolls report for July, which is projected to show a 75,000 increase in employment according to the Dow Jones consensus. Additionally, both S&P Global Services PMI and ISM non-manufacturing data for July are due to be published.
