Stock market today: Dow, S&P 500, Nasdaq futures edge up as AI lifts tech earnings
US stock index futures edged up after tech earnings supported the AI trade: Dow and S&P 500 futures rose about 0.1%, while Nasdaq 100 futures were near flat. After the close, Snowflake, Marvell, and HP reported strong results; Snowflake also announced a $6 billion AWS deal and shares jumped over 30%. Salesforce beat expectations but issued a cautious forecast. Investors await the Fed’s PCE inflation reading and an update on US-Iran talks.
How this was made
The 30-second read
Why it matters
Near-term trading is likely driven by after-hours earnings reactions (especially SNOW’s >30% move) and by index-level sensitivity to rates ahead of Thursday’s PCE.
Market read
AI-themed earnings are supporting a risk-on tape, but forecast caution and upcoming inflation data can quickly change the market’s direction.
What to watch
Thursday’s PCE inflation print could quickly override stock-specific AI narratives by shifting rate expectations and discount rates for growth/tech.
Background
US stock futures edged up as tech earnings reinforced the AI trade; investors also await the Fed’s preferred inflation gauge (PCE) and an update on US-Iran negotiations.
Ticker impact
Snowflake reported strong earnings and announced a $6B deal with Amazon Web Services, sending shares up more than 30% after hours.
Likely continued momentum/volatility in the next session as traders extrapolate AI-driven cloud demand and deal execution.
The article cites both a strong earnings result and a sizable $6B AWS deal, with an immediate >30% after-hours move.
Marvell reported strong earnings results highlighting AI-driven spending on cloud, chips, and computers.
Potential upside follow-through, but magnitude may be smaller than SNOW given no deal size or guidance detail in the article.
The article only states strong earnings and AI-driven demand themes, without specific guidance numbers.
HP reported strong earnings results showing AI driving spending on computers, alongside cloud and chip demand.
Mild-to-moderate upside bias with volatility tied to broader tech earnings sentiment.
The article provides a qualitative AI-spending linkage but no quantified forecast or margin detail.
Salesforce beat expectations on earnings, but a tepid forecast raised concerns about AI disrupting the software business.
Choppy trading risk—initial relief from the beat may fade if investors focus on the tepid forecast.
The article explicitly flags tepid forecast as the negative driver, implying limited net optimism.
Market effects
AI-linked earnings across cloud software, semis, and hardware support a broad risk-on bid for the AI trade, while CRM’s tepid forecast injects caution about software disruption.
Primarily US-focused via futures on the Dow/S&P/Nasdaq; AI earnings can spill into broader large-cap positioning.
AI infrastructure demand signals can influence global semis/cloud/hardware sentiment, though the article’s catalysts are US-listed earnings.
Counterpoint
The index lift may be more about sentiment/positioning than durable fundamentals if tepid guidance (e.g., CRM) indicates AI monetization is uneven.
Key entities
- companySnowflake
Reported strong earnings and announced a $6B deal with AWS; shares jumped >30% after hours.
- companyMarvell
Reported strong earnings with AI-driven spending read-through for chips.
- companyHP
Reported strong earnings with AI-linked demand for computers and related infrastructure.
- companySalesforce
Beat earnings but issued a tepid forecast, raising AI disruption concerns.
- macroFederal Reserve (PCE)
Thursday’s Personal Consumption Expenditures inflation reading will influence rate expectations.
