US stock futures were mixed Wednesday as Middle East optimism lifted the Dow and S&P 500 while post-earnings selling in SpaceX and AMD pressured the Nasdaq.
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Dow futures rise 195 points as SpaceX, AMD weigh on Nasdaq
US stock futures were mixed Wednesday as Middle East optimism lifted the Dow and S&P 500 while post-earnings selling in SpaceX and AMD pressured the Nasdaq.
Dow futures climbed 195 points and S&P 500 contracts rose 0.41% Wednesday, while Nasdaq 100 futures slipped 0.02% after SpaceX and AMD earnings.
"The market is now splitting AI winners from heavy spenders," said Ed Yardeni, president of Yardeni Research, who cited "fabulous earnings momentum" as the S&P 500 moves toward his 8,250 year-end target.
SpaceX shares fell about 10% before the bell even after quarterly revenue rose 92% to $7.8 billion and its net loss narrowed to $541 million. The concern was capital intensity: SpaceX spent $18.37 billion during the quarter, including $15.83 billion on AI infrastructure. AMD dropped about 8.1% despite record second-quarter revenue of $11.54 billion, up 50% from a year earlier, as investors focused on an adjusted gross-margin forecast of 56%, unchanged from the prior quarter.
The split follows record closes for the Dow and S&P 500 on Tuesday, but investors turn to July private-payroll and services data, fresh Federal Reserve commentary and another crowded earnings slate for clues on whether the rally can withstand a more selective technology trade.
SpaceX growth is eclipsed by the spending bill
SpaceX's Starlink and other connectivity operations generated $4.29 billion of revenue, while subscribers doubled from a year earlier to 12 million. The approaching start of post-IPO lock-up expiries on Thursday adds another technical risk by increasing the potential supply of shares. Verizon and AT&T also fell more than 2% after SpaceX outlined ambitions for a broader mobile service, raising competitive concerns for established telecom operators.
AMD proves demand is strong, but margins remain the test
AMD forecast third-quarter sales of $12.7 billion to $13.3 billion, above market expectations, with data center revenue doubling from a year earlier. Yet the reaction suggests the market now wants proof that AI demand can expand profitability, not simply sales. Nvidia gained about 1.9% after SpaceX indicated it would use the company's hardware exclusively in its data centres. Intel and Micron each lost roughly 1.5%.
Jobs data and a crowded earnings slate could reset rate bets
The ADP private-employment report is due at 8:15 am ET, followed by the final S&P Global services PMI at 9:45 am and the ISM services index at 10 am. Traders assigned a 58.4% probability to a quarter-point Federal Reserve increase in September. Kansas City Fed President Jeff Schmid said further tightening may be needed to return inflation to 2%, while Governor Lisa Cook and San Francisco Fed President Mary Daly are also scheduled to speak.
Disney, Eli Lilly, Uber, CVS, Honeywell, Kraft Heinz and Shopify are among the companies reporting before the opening bell. After the close, attention shifts to SanDisk, Western Digital and eBay. SanDisk and Western Digital are particularly important for the AI infrastructure trade because investors have priced in strong storage demand, higher memory prices and limited supply.
Oil rebounded Wednesday after a Houthi strike on a Saudi tanker, showing that the inflation relief from Tuesday's crude sell-off could reverse quickly. The 10-year Treasury yield held near 4.68% after sliding 5 basis points Tuesday, while gold traded around $4,050 an ounce.
Wall Street's record run therefore faces a broader examination than the mixed futures imply. Diplomacy is supporting the index level, but SpaceX, AMD, jobs data and another earnings wave will determine whether investors continue rewarding growth or rotate further towards companies with clearer cash returns.
This article is for informational purposes only and does not constitute investment advice.
