US stock futures fell as a wave of tech earnings boosted confidence in the AI trade.
Futures attached to the Dow Jones Industrial Average (YM=F) lowered 0.2% while benchmark S&P 500futures (ES=F) dropped 0.4%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) fell 0.8%.
After the closing bell, Snowflake (SNOW), Marvell (MRVL), and HP (HP) reported strong earnings results that showcased AI driving spending on cloud, chips, and computers. Snowflake’s earnings and its announcement of a $6 billion deal with Amazon Web Services stole the after-hours show, sending its stock up more than 30%.
Salesforce (CRM) earnings, meanwhile, also beat Wall Street’s expectations, but a tepid forecast stoked investor concerns about AI disrupting the software business.
In day trading, stocks cautiously rose to records as investors continued to wait for an official update on US-Iran negotiations.
On Thursday, Wall Street will receive the latest reading of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures index. The data will indicate whether rising prices are increasing pressure on the central bank to raise interest rates.
Earnings season also continues to draw to a close Thursday, with Costco Wholesale (COST), Dell Technologies (DELL), Dollar Tree (DLTR), Best Buy (BBY), and The Gap (GAP) expected to report their results.
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