U.S. stock futures edged up Wednesday as investors positioned for a busy day of corporate earnings releases and awaited the Federal Reserve’s Beige Book for fresh clues on the economic outlook amid the ongoing government shutdown. A cautious sales outlook from ASML Holding (EU:ASML), including a warning about a “significant” drop in Chinese demand, added a note of caution to the market mood.
Futures rise ahead of earnings
By 02:34 ET, Dow futures were up 103 points (0.2%), S&P 500 futures gained 25 points (0.4%), and Nasdaq 100 futures rose 131 points (0.5%). Wall Street closed mixed on Tuesday, rebounding from earlier losses on the back of upbeat bank earnings and better-than-expected results from other sectors.
Investors were also encouraged by remarks from Fed Chair Jerome Powell, which strengthened expectations for additional rate cuts later this year following the 25-basis-point reduction in September.
In trade news, comments from U.S. Trade Representative Jamieson Greer on CNBC helped calm concerns about renewed tensions with China. That optimism was tempered later when President Donald Trump criticized Beijing for its limited soybean purchases, calling the move an “economically hostile act.”
ASML weighs on sentiment
ASML’s quarterly results were mixed: strong net bookings but a warning about weaker Chinese demand in 2026. The Dutch chip equipment manufacturer, now Europe’s largest listed company, has ridden a wave of demand for its advanced lithography tools, which are key to the AI chip boom.
CEO Christophe Fouquet noted the company was seeing “positive momentum” in AI investments. A string of deals between AI developers and chipmakers in recent months has fueled excitement around the technology’s potential but also sparked fears of a bubble reminiscent of the late-1990s dotcom era.
Net bookings totaled €5.40 billion in the third quarter, beating forecasts, but the company flagged that China — which accounted for nearly one-third of new tool sales in the first nine months of 2025 — will be a weak spot next year. ASML now expects flat or slightly higher revenue in 2026.
OpenAI outlines massive funding strategy
OpenAI is reportedly crafting a five-year strategy to fulfill its more than $1 trillion in spending commitments for AI infrastructure and development, according to Financial Times. The plan includes raising new capital, securing debt agreements, and exploring tailored commercial deals with governments and businesses.
The AI company remains unprofitable, with capital obligations far exceeding revenues — a key concern for investors, including Microsoft. OpenAI has agreed to purchase 26 gigawatts of capacity from Oracle Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., and Broadcom Inc. over the coming decade, at an estimated cost exceeding $1 trillion.
Reports indicate OpenAI generated roughly $4.3 billion in revenue in the first half of 2025 but posted a $13.5 billion loss over the same period.
United Airlines and big banks in the spotlight
Earnings season accelerates Wednesday with several major companies reporting results. United Airlines (NASDAQ:UAL) will release its latest quarterly figures after the bell, with investors focused on how the airline sees demand shaping up into year-end.
In July, the company warned that operational constraints at Newark Liberty International Airport could weigh on third-quarter earnings. Still, United said it expects double-digit growth in business bookings compared with the previous quarter, helped by easing geopolitical risks and improving macro conditions.
Among other key earnings, Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), and Abbott Laboratories (NYSE:ABT) are set to report.
Beige Book takes center stage amid data drought
With much of the official economic data delayed due to the prolonged U.S. government shutdown, investors will focus on the Beige Book for anecdotal clues about economic trends across regions.
The Fed’s rate path remains uncertain after the September cut aimed at supporting a cooling labor market while inflation remains sticky. With limited data on prices and jobs, how policymakers approach the final months of 2025 is still being debated.
Futures markets continue to price in another 25-basis-point rate cut at the October 28–29 meeting and one more in December, according to CME FedWatch Tool.
Abbott Laboratories stock price
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