U.S. equity futures pointed modestly higher on Wednesday, with investors awaiting key earnings releases from Nvidia (NASDAQ:NVDA) and Salesforce (NYSE:CRM). The results arrive amid ongoing debate about how the artificial intelligence boom could reshape multiple industries. Meanwhile, gold and oil prices advanced as markets turned their attention to upcoming talks between U.S. and Iranian officials scheduled for Thursday.
Futures steady ahead of earnings
U.S. stock futures traded largely flat as markets prepared for a busy earnings session led by AI heavyweight Nvidia.
As of 03:01 ET, Dow futures were little changed, 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 startup Anthropic announced a series of partnerships, easing concerns that its latest models could significantly disrupt software and data companies.
In recent weeks, investor attention has centred on fears that new AI tools from Anthropic and rival firms could weaken demand for traditional software services. At the same time, markets have been scrutinising massive spending commitments on AI infrastructure by major technology companies, questioning both the timing of financial returns and what some analysts describe as the increasingly “circular” structure of AI-sector deals.
Highlighting this trend, Meta agreed to purchase 6 gigawatts of AI computing capacity from Advanced Micro Devices (NASDAQ:AMD) as part of a $100 billion agreement that could ultimately leave the social media group holding roughly 10% of the chipmaker. AMD shares rallied after the company said the partnership would strengthen its ability to compete with Nvidia.
Adding to market uncertainty is the evolving outlook for President Donald Trump’s tariff policy. After a Supreme Court ruling struck down earlier “reciprocal” tariffs, the administration introduced temporary global duties of 10%. Speaking during Tuesday’s State of the Union address, Trump said “everything was working well” with his tariff agenda, while calling the court decision “unfortunate.”
Nvidia earnings under the spotlight
Attention now turns to Nvidia, whose results — due after the U.S. market close — are widely viewed as a key indicator for the global AI investment cycle and broader equity market direction.
Shares of the so-called “Magnificent Seven” technology giants have largely stalled so far this year after surging following the launch of OpenAI’s ChatGPT in 2022, which ignited widespread enthusiasm for AI. While these companies have been major beneficiaries of the AI boom and key drivers of market gains, momentum has cooled during the early months of 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 results also awaited
Salesforce is also set to release quarterly earnings after the closing bell.
The cloud software provider has been among the companies most affected by investor anxiety surrounding increasingly powerful AI models. Shares of the San Francisco-based firm have fallen more than 26% year to date, reflecting broader concerns about the outlook for the software-as-a-service sector.
Analysts at Vital Knowledge described sentiment heading into the results as “gloomy,” noting that cautious guidance from IT services company Workday earlier in the week further dampened expectations.
“[T]he AI-linked medium/long-term existential overhang weighing on all of software will not go away anytime soon,” the analysts flagged.
However, they added that if Salesforce delivers “decent” fourth-quarter earnings, issues “respectable” guidance for the current year and “demonstrate[s]” stronger progress in its AI offerings, “the stock (and the whole software-as-a-service group) could extend the squeeze higher witnessed on Tuesday.”
Gold rebounds
Gold prices moved higher after falling in the previous session due to profit-taking, as investors weighed the implications of new U.S. tariffs and looked ahead to U.S.-Iran negotiations later this week.
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 declined 1.6% on Tuesday following four consecutive sessions of gains.
The United States began collecting a temporary 10% global import tariff this week, with the administration aiming to raise the levy to 15%, adding uncertainty around global trade and inflation expectations. The move followed a Supreme Court decision that invalidated earlier sweeping tariffs imposed under emergency powers, prompting Washington to reintroduce duties under alternative legal authority.
Geopolitical tensions also remained in focus ahead of a third round of talks between U.S. and Iranian officials in Geneva concerning Tehran’s nuclear programme.
Oil prices edge higher
Oil markets traded near seven-month highs ahead of the negotiations in Switzerland.
Brent crude futures rose 0.4% to $70.86 per barrel, while U.S. West Texas Intermediate futures climbed 0.5% to $65.93 per barrel.
Both benchmarks remain close to their highest levels since early August as the United States has deployed military assets in the Middle East in an effort to pressure Iran toward an agreement on its nuclear programme. U.S. representatives, including special envoy Steve Witkoff and presidential adviser Jared Kushner, are expected to meet Iranian officials on Thursday.