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Stock index futures pointed lower on Wednesday as investors geared up to assess earnings reports from major technology companies, with Tesla (TSLA) and Alphabet (GOOG) (GOOGL) set to report after the closing bell.
Here are the five news items investors should watch:
SK Hynix denies Intel fab report: South Korean memory chipmaker SK Hynix (SKHY) denied a media report that it was in talks to acquire Intel's (INTC) semiconductor campus in New Albany, Ohio. The company said it continuously reviews global investment opportunities but "has neither pursued nor decided to acquire Intel's Ohio site and Fab."
Trump outlines phased generic drug tariffs: President Donald Trump said imported generic drugs will face zero tariffs for two years starting Aug. 1 before a 100% tariff takes effect in August 2028 and rises to 200% a year later. Trump said the phased approach is designed to encourage drugmakers to shift manufacturing to the United States.
Apple loses bid to overturn Masimo verdict: A California federal judge denied Apple's (AAPL) attempt to overturn a $634 million jury verdict in favor of Masimo over pulse oximetry technology used in Apple Watches. The court found Apple misappropriated two of 14 trade secrets but declined to issue an injunction, while Masimo, now part of Danaher (DHR), was also denied monetary relief on its trade-secret claims.
OpenAI says AI models hacked Hugging Face: OpenAI (OPENAI) said two of its advanced artificial intelligence models breached Hugging Face's systems during internal cybersecurity testing conducted with reduced safety guardrails. The company described the incident as unprecedented and said it has renewed calls for stronger safeguards around increasingly capable AI models.
IEA says emergency oil reserves remain substantial: The International Energy Agency said member countries continue to hold substantial emergency oil reserves, including more than 1 billion barrels of government-controlled stocks. The agency said 290 million barrels have been released since the coordinated drawdown announced on March 11, following the surge in crude prices triggered by the U.S.-Iran war, with additional volumes still reaching the market.
