U.S. Futures Dip Before Tech Earnings, Iran Strikes In Focus

U.S. stock futures fell Wednesday morning ahead of second-quarter updates from major technology companies and amid rising Middle East risk. At 05:41 ET, Dow futures were down 52 points, or 0.1%, S&P 500 futures fell 22 points, or 0.3%, and Nasdaq 100 futures declined 209 points, or 0.7%.

The pullback followed a rebound in technology shares on Tuesday. A semiconductor index rose 5.2%, its strongest daily gain in a month. The Nasdaq Composite added 1.3%, the S&P 500 increased 0.9% and the Dow Jones Industrial Average advanced 0.7%.

Alphabet, Texas Instruments and Tesla are due to report after the closing bell. Alphabet’s update is expected to focus on spending for artificial intelligence infrastructure, including data centers and specialized chips. Some strategists project the company could lift its 2026 capital spending outlook by roughly 5% to about $190 billion to $200 billion, reflecting stronger AI demand and higher memory prices. Any adjustment to those plans will be closely tracked by investors as earnings, spending plans and management guidance are key inputs in fundamental analysis of publicly traded companies.

Texas Instruments’ report will be parsed for signs of demand for analog chips used in industrial, automotive and AI-related products. Forecasts point to a 133% year-over-year jump in second-quarter earnings for S&P 500 chip and chip-equipment makers, with the group contributing about 44% of the index’s overall profit growth.

Tesla is expected to outline progress on its shift toward robotics and autonomous driving features, including software and hardware updates. Other companies on the docket include Philip Morris International, GE Vernova and AT&T. 

Geopolitical risk stayed in view as the United States and Iran exchanged strikes for an eleventh straight day. Concerns over supply disruptions pushed the global crude benchmark above $91 a barrel for the first time since June 11, raising worries that higher energy costs could feed inflation and complicate central bank policy.

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Diplomatic efforts continued. A senior Iranian official indicated Tehran received a mediator proposal for a 10-day ceasefire aimed at reviving a framework to halt hostilities agreed in June. Iranian Interior Minister Eskandar Momeni met Pakistani mediators this week as part of those talks.

U.S. Secretary of State Marco Rubio argued that Tehran is not engaging seriously in talks as Washington carried out an eleventh consecutive night of strikes on Iranian targets. President Donald Trump stated the United States has “no interest in meeting” with Iran and warned that a suspected nuclear site known as “Pickaxe Mountain” could be hit “pretty soon, and very heavily.” Iranian officials warned of a broader war if nuclear facilities were attacked. Reports indicated Iran has moved thousands of uranium-enrichment centrifuges into the mountain facility and has targeted U.S. military sites in Bahrain, Kuwait and Jordan, as well as a tanker in the Strait of Hormuz.