U.S. stock futures indicate a mixed start on Wall Street after equities dropped in the previous session. Alphabet avoided the threat of severe sanctions in a high-profile antitrust case, with a federal judge ruling that Google does not need to divest its popular Chrome browser. Meanwhile, investors await the Federal Reserve’s latest economic report, Salesforce prepares to release quarterly results after the close, and gold briefly touched a new record.
Futures Show Mixed Signals
On Wednesday, U.S. futures fluctuated near the flatline following declines on Wall Street earlier in the week, marking a subdued start to a holiday-shortened trading period.
By 02:58 ET, Dow futures had fallen 122 points, or 0.3%, S&P 500 futures gained 10 points, or 0.2%, and Nasdaq 100 futures added 78 points, or 0.3%. Markets reopened after the Labor Day holiday amid lingering uncertainty over the path of U.S. tariffs.
Investor sentiment was weighed down by a recent U.S. appeals court ruling that struck down most of President Donald Trump’s import tariffs as illegal. The Trump administration plans to appeal to the Supreme Court, leaving uncertainty over how tariffs may continue to be used in international economic policy.
Although indices closed above session lows, the Cboe Volatility Index, a key gauge of market fear, ticked upward.
On the individual stock front, Kraft Heinz (NASDAQ:KHC) dropped 7% after announcing plans to split into two separate companies. In contrast, PepsiCo (NASDAQ:PEP) rose 1.1% following activist investor Elliott Management’s disclosure of a $4 billion stake.
The blue-chip Dow Jones Industrial Average fell 0.6%, the S&P 500 dipped 0.7%, and the Nasdaq Composite lost 0.8%, marking a slow start to September—a month often considered challenging for U.S. equities.
Alphabet Rises on Favorable Ruling
Alphabet (NASDAQ:GOOGL) shares jumped more than 5% in after-hours trading after Judge Amit Mehta ruled that Google will not have to sell its Chrome browser as part of the Justice Department’s antitrust remedies.
The judge’s decision allows Google to avoid one of the most severe potential penalties after earlier findings that the company maintained an illegal search monopoly. While Google will face restrictions on exclusive search contracts, it is spared from divesting key assets.
The ruling also confirmed that Google does not have to sell its Android operating system, another major win for the company. Additionally, payments to Apple (NASDAQ:AAPL) and other partners for preloading Google products will continue, boosting Apple’s after-hours trading.
The six-year judgment requires Google to share certain information with competitors to address its search monopoly. “This less severe outcome than what government prosecutors had sought appears to have relieved investors.”
Beige Book Release
The Federal Reserve will release its latest “Beige Book” Wednesday, providing one of the final economic snapshots before its September policy meeting.
July’s Beige Book indicated that contacts across industries expected cost pressures to “remain elevated in the coming months,” raising “the likelihood that consumer prices will start to rise more rapidly by late summer.” All 12 Fed districts noted the impact of Trump’s trade policies.
The report also highlighted concerns over a potential slowdown in business activity. Uncertainty surrounding tariffs has prompted some companies to postpone hiring and layoffs. Additional labor market insights, including the job openings survey, private payrolls, and weekly unemployment claims, will precede Friday’s August employment report.
Earnings Spotlight: Salesforce and Retailers
Software company Salesforce will release earnings after markets close. Analysts at Vital Knowledge noted: “[S]entiment has been cautious amid concerns about AI displacement risk, although the narrative has started to shift in the favor of enterprise software in the last couple of weeks thanks to some solid earnings reports from the industry.”
Dollar Tree is also reporting today, with investors watching its turnaround strategy. Competitors like Dollar General, Target, and Walmart have posted “decent sales,” the analysts added. Hewlett Packard, Campbell’s, and Macy’s are also scheduled to release results.
Gold Briefly Hits Record
Gold prices stabilized, briefly hitting a new all-time high as concerns over fiscal health and U.S. tariffs kept investors seeking safe-haven assets. Spot gold was slightly lower at $3,530.23 an ounce, while December futures rose 0.1% to $3,596.30/oz. Earlier in the session, spot gold touched $3,547.09/oz.
The dollar’s rebound curtailed further gains, recovering much of this week’s losses amid a global bond selloff. Precious and industrial metals have maintained strong weekly gains.
Copper Rises on China Optimism
London copper futures briefly surpassed $10,000 per ton for the first time since March, driven by optimism that demand from China, the world’s largest copper consumer, will strengthen.
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