U.S. stock futures were mixed Thursday, with pressure concentrated in technology shares after Alphabet’s third-quarter report triggered a sharp premarket decline. The move revived concerns around artificial intelligence-related spending and weighed on chip and megacap technology names ahead of fresh inflation data.
At 4:25 p.m. (Bangkok Time), Dow Jones Industrial Average futures advanced 0.53%. S&P 500 futures declined 0.25%, while Nasdaq-100 contracts dropped 1%, reflecting heavier selling in growth and AI-sensitive shares.
Alphabet shares fell 10.22% before the opening bell after the Google parent reported 3Q26 adjusted earnings per share and revenue that came in below expectations. The company also recorded negative free cash flow of $9.07 billion. Its full-year capital spending projection remained unchanged at $195 billion to $205 billion.
Microsoft moved in the opposite direction, rising 3.58% in premarket trading. The software group exceeded fiscal first-quarter profit and revenue estimates, according to LSEG, helped by expansion in its Azure cloud infrastructure unit.
The weakness in AI-related shares extended beyond U.S. futures. South Korea’s Kospi index declined, while the iShares Semiconductor Index ETF slipped in after-hours trading as Nvidia, AMD, Micron and other chip stocks retreated.
The pullback followed a positive regular session on Wednesday, when semiconductor stocks helped support broader indexes. The S&P 500 gained for a third consecutive session, aided by a nearly 6% rise in Micron Technology and a gain of more than 2% in Broadcom. The Nasdaq Composite finished 0.3% higher.
Monetary policy also remained in focus. On Wednesday, the Federal Reserve left its benchmark unchanged in a range of 3.75% to 4%, a decision that had been broadly anticipated after the Federal Open Market Committee delivered a quarter-point increase in September.
Fed officials indicated that inflation was still above desired levels, while signaling that additional data would be needed before deciding on further policy action.
Investors now turn to the Personal Consumption Expenditures index, the Fed’s preferred inflation gauge. Core PCE is expected to rise 3.1%.
Earnings will remain a key driver after Thursday’s close, when Amazon announces third-quarter results. Eli Lilly, Mastercard and Intel are also set to report, offering further detail on AI demand and broader economic trends.
