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Wall St index futures slip as chip weakness meets Big Tech caution
Investors are watching upcoming results from Alphabet and Tesla, with Texas Instruments also due after the close, amid pressure in semiconductor stocks.
U.S. stock index futures edged lower on Wednesday, with weakness in chip stocks weighing on sentiment as investors took a cautious stance ahead of the first wave of Big Tech earnings that could shape views on whether Wall Street’s AI-driven rally has further room to run, according to Reuters.
The semiconductor pullback followed months of gains from March lows, but momentum has weakened as volatility in heavyweight chip shares dented risk appetite. Investors are now focused on second-quarter results from Alphabet and Tesla, and Alphabet drew added attention after a delay in launching a model tied to its AI plans.
The earnings-heavy schedule also includes Texas Instruments, which fell 1.2% in premarket trading and tracked broader weakness across semiconductor stocks. The Reuters report also noted that geopolitical risks remained in focus, including disruption threats to shipping near key energy chokepoints and continued tensions involving Iran.
Oil prices climbed to near six-week highs, adding another layer of uncertainty for central bankers. The Federal Reserve is expected to keep interest rates steady for the rest of 2026, based on a Reuters poll’s median forecast, while traders were pricing in more than a 70% chance the Fed holds rates unchanged at next week’s meeting, as measured by CME Group’s FedWatch tool. At 7:02 a.m. ET, Dow E-minis were down 0.08%, S&P 500 E-minis were down 0.2%, and Nasdaq 100 E-minis were down 0.6%.
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