U.S. stock futures pointed modestly upward on Wednesday as investors prepared for key earnings releases from Nvidia (NASDAQ:NVDA) and Salesforce (NYSE:CRM). The announcements come amid ongoing uncertainty about how rapidly artificial intelligence could reshape business models across multiple sectors. Meanwhile, gold and oil prices advanced ahead of scheduled talks between U.S. and Iranian officials later this week.
Futures steady ahead of major results
U.S. equity futures traded cautiously higher as markets positioned for a busy earnings calendar led by AI chipmaker Nvidia.
At 03:01 ET, Dow futures were broadly flat, S&P 500 futures rose by 5 points, or 0.1%, and Nasdaq 100 futures gained 29 points, also up 0.1%.
Wall Street’s main indices closed higher in the previous session after AI firm Anthropic unveiled a series of partnerships, helping to calm fears that its latest models could significantly disrupt software and data companies.
Investor concern in recent weeks has focused on whether emerging AI products from Anthropic and competitors could weaken demand for traditional software services. At the same time, markets have been closely watching heavy spending on AI infrastructure by major technology companies, with questions emerging over when these investments will translate into meaningful profits and over what some observers describe as the increasingly “circular” structure of AI-sector agreements.
Illustrating this dynamic, Meta agreed to purchase 6 gigawatts of AI computing capacity from Advanced Micro Devices (NASDAQ:AMD) as part of a $100 billion arrangement that could ultimately give the social media group a roughly 10% stake in the chipmaker. AMD shares rallied after the company said the deal would strengthen its competitive position against Nvidia.
Adding another layer of uncertainty is U.S. trade policy under President Donald Trump. Following a Supreme Court decision that struck down earlier “reciprocal” tariffs, the administration introduced temporary global duties of 10%. In Tuesday’s State of the Union address, Trump said “everything was working well” with his tariff strategy and described the court ruling as “unfortunate.”
Nvidia earnings seen as market barometer
Attention now shifts to Nvidia, whose results — scheduled after the U.S. market close — are widely viewed as a key signal for the global AI investment cycle and broader equity market sentiment.
Shares of the so-called “Magnificent Seven” technology giants have largely moved sideways this year after surging in the wake of OpenAI’s ChatGPT launch in 2022, which sparked a wave of enthusiasm for AI. While these companies have been major beneficiaries of the AI boom and key drivers of equity gains in recent years, momentum has softened in early 2026.
“It’s not only Nvidia investors who will be nervous ahead of the company’s results; the entire global equity market may be on edge, given the importance of the AI trade,” said Laurence Booth, Global Head of Markets at CMC Markets.
Salesforce also in focus
Salesforce is also due to publish quarterly earnings after the closing bell.
The cloud software company has been among those most affected by investor unease surrounding increasingly advanced AI systems. Shares of the San Francisco-based group have fallen more than 26% so far this year, highlighting concerns about the outlook for the software-as-a-service industry.
Analysts at Vital Knowledge described sentiment heading into the release as “gloomy,” noting that disappointing guidance from IT services company Workday earlier in the week added to market caution.
“[T]he AI-linked medium/long-term existential overhang weighing on all of software will not go away anytime soon,” the analysts warned.
However, they added that if Salesforce delivers “decent” fourth-quarter results, provides “respectable” guidance for the year ahead, and “demonstrate[s]” stronger progress in AI initiatives, “the stock (and the whole software-as-a-service group) could extend the squeeze higher witnessed on Tuesday.”
Gold recovers
Gold prices moved higher after slipping in the previous session amid profit-taking, as investors assessed the implications of new U.S. tariffs and awaited developments from upcoming U.S.-Iran discussions.
Spot gold rose 0.9% to $5,190.21 per ounce, while U.S. gold futures gained 0.6% to $5,209.51 per ounce. The metal had fallen 1.6% on Tuesday after four consecutive sessions of gains.
The United States began collecting a temporary 10% global import tariff earlier this week, with officials aiming to raise the rate to 15%, increasing uncertainty around global trade flows and inflation prospects. The move followed a Supreme Court ruling that invalidated earlier tariffs imposed under emergency authority, prompting Washington to reintroduce duties under alternative legal grounds.
Geopolitical tensions also remained a focal point as U.S. and Iranian representatives prepared for a third round of negotiations in Geneva regarding Tehran’s nuclear programme.
Oil prices near multi-month highs
Oil prices traded close to seven-month highs ahead of the Switzerland talks.
Brent crude futures rose 0.4% to $70.86 per barrel, while U.S. West Texas Intermediate crude gained 0.5% to $65.93 per barrel.
Both benchmarks remain near their highest levels since early August, as the United States has deployed military assets in the Middle East to pressure Iran toward reaching an agreement over its nuclear programme. U.S. envoys, including special representative Steve Witkoff and presidential adviser Jared Kushner, are expected to meet Iranian officials on Thursday.
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