Stock market today: Dow, S&P 500, Nasdaq futures slide with Alphabet, Tesla earnings on deck
US stock markets pulled back on Wednesday as investors prepare for high-stakes earnings reports. Futures for the Dow, S&P 500, and Nasdaq all show downward movement as traders wait for Alphabet and Tesla to reveal their second-quarter results after the market close.
The upcoming reports serve as a test for the tech sector. Investors are looking to see if Google can show that its current spending on AI is yielding real profit. Meanwhile, the market is tracking Tesla's capital expenditures as the firm pushes further into robotics and automation. These two companies represent the first of the Magnificent Seven to report this quarter.
Outside of earnings, external pressures are weighing on investor sentiment. Oil prices remain a focus as the US carries out military actions in the Middle East. President Trump has also introduced new tariff policies, including duties targeting Brazil and a plan for 100% tariffs on imported generic drugs starting in 2028. This move aims to shift more drug production into domestic facilities.
Despite the broader market slide, some companies are seeing positive momentum. Supermicro shares rose in pre-market trading after the AI server manufacturer reported a record order backlog exceeding $60 billion. This result provides a bright spot in a market currently navigating political tensions and cooling sentiment toward the tech sector.