Stock market today: Dow, S&P 500, Nasdaq 100 futures fall as chip stocks cool down and Tesla, Alphabet gear up for earnings—Super Micro, Capital One in focus (updated)

(Editor’s note: The ETFs data was updated.)

U.S. stock futures tied to the Dow Jones, Nasdaq 100, and S&P 500 indices fell on Wednesday, following Tuesday’s higher close.

Chip stocks were under pressure after stocks like Nvidia Corp. NVDA, Micron Technology Inc. MU, and Broadcom Inc. AVGO slipped in pre-market trading, following Tuesday’s gains.

At the ASEAN Foreign Ministers’ meeting in the Philippines, U.S. Secretary of State Marco Rubio said that "The problem we’re having right now is that they’re not serious about talks.” This pushed crude oil prices higher.

Tech optimism offset anxieties surrounding the Iran conflict and U.S. trade policy. However, on Monday, President Donald Trump sparked renewed trade war fears by imposing 50% tariffs on select Canadian goods, including beer, milk, and chemicals.

Additionally, during a Senate hearing, Defense Secretary Pete Hegseth defended a $70 billion supplemental funding request as the Pentagon raised its estimated cost for the U.S.-Israel war against Iran to $37.5 billion.

Also, Alphabet  , Tesla , IBM , and Texas Instruments  are all set to report Wednesday after the closing bell. Meanwhile, the 10-year Treasury bond yielded 4.62%, and the two-year bond was at 4.25%. The CME Group’s FedWatch tool’s projections show markets pricing a 78.1% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Wednesday. The SPY was down by 0.41% at $746.22, while the QQQ declined by 1.04% to $701.59.

Stocks In Focus

AAR

• AAR Corp. AIR slipped 5.51% in premarket on Wednesday despite reporting upbeat earnings for the fourth quarter. It reported quarterly sales of $928.000 million, which beat the analyst consensus estimate of $868.540 million.

• Benzinga’s Edge Stock Rankings indicate that AIR maintains a strong price trend in the short, long, and medium terms, with a poor growth score.

Capital One Financial

• Capital One Financial Corp. COF was up 0.41% after reporting better-than-expected second-quarter results after Tuesday’s closing bell.

• Benzinga’s Edge Stock Rankings indicate that COF maintains a weak price trend in the long term but a strong trend in the short and medium terms, with a moderate quality score.

Adtran Holdings

• Adtran Holdings Inc. ADTN fell 11.86% as its preliminary revenue and non-GAAP operating margin came in below the guidance range, and preliminary EPS was expected below analyst consensus for the second quarter of 2026.

• Benzinga’s Edge Stock Rankings indicate that ADTN maintains a strong price trend in the long term, but a weak trend in the short and medium terms.

Super Micro Computer

• Super Micro Computer Inc. SMCI jumped 15.33% after the company provided strong preliminary results for the fourth quarter.

• Benzinga’s Edge Stock Rankings indicate that SMCI maintains a weak price trend in the long, short, and medium terms, with a good value score.

Nuvve Holding

• Nuvve Holding Corp. NVVE gained 12.45% following a Securities and Exchange Commission (SEC) disclosure that the California-based green energy technology company terminated its warrant exchange and registration rights agreements, both dated May 12.

• Benzinga’s Edge Stock Rankings indicate that NVVE maintains a weak price trend in the long and medium terms but a strong trend in the short term.

Cues From Last Session

Health care, information technology, and energy stocks recorded the biggest gains on Tuesday, while communication services and consumer staples stocks bucked the broader market trend to close the session lower.

Insights From Analysts

Professor Jeremy Siegel views the current U.S. economy and stock market as expanding at a resilient, healthy pace, characterizing the recent pullback in speculative tech shares as a mature shift rather than a market downturn.

Regarding the broader economy, Siegel highlights resilient GDP growth, projected around 2% to 2.5%, and moderating inflation, noting that “housing inflation… is finally slowing in a meaningful way,” which keeps core disinflation on track provided energy prices stabilize.

While money supply growth and rising oil prices pose minor inflation risks that could spark additional Fed policy tightening, overall fundamentals remain robust.

On the stock market, Siegel sees the sharp rotation out of high-flying semiconductor and AI stocks as a positive sign of market discipline. He cautions that “[a] doubling of earnings does not necessarily justify a doubling in a stock’s price,” but maintains that “AI remains one of the most transformational technologies of our generation.”

Ultimately, he views the rotation as a healthy evolution: “The recent pullback in speculative AI leaders should be viewed less as the end of the bull market than as its maturation.”

Upcoming Economic Data

Here’s what investors will be keeping an eye on.

• No data is scheduled to be released on Wednesday.

Commodities, Crypto, And Global Equity Markets

Crude Oil WTI futures were trading higher in the early New York session by 4.08% to hover around $87.78 per barrel.

Gold Spot US Dollar rose 0.99% to hover around $4,118.11 per ounce. The U.S. Dollar Index spot was 0.07% lower at the 101.1000 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.42% lower at $65,919.30 per coin over the last 24 hours.

Asian markets closed mixed on Wednesday, as Australia’s ASX 200 and South Korea’s Kospi indices rose. Hong Kong’s Hang Seng, India’s Nifty 50, China’s CSI 300, and Japan’s Nikkei 225 indices fell. European markets were higher in early trade.

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This article Stock Market Today: Dow, S&P 500, Nasdaq 100 Futures Fall As Chip Stocks Cool Down and Tesla, Alphabet Gear Up for Earnings— Super Micro, Capital One in Focus (UPDATED) originally appeared on Benzinga.com.