New York, Feb 4, 2026, 05:57 EST — Premarket
- Dow futures climb 0.16%, S&P 500 futures inch up 0.04%, while Nasdaq 100 futures slip 0.06%
- S&P 500 dropped 0.84% Tuesday, weighed down by software stocks rattled over AI disruption concerns
- Coming up Wednesday: ADP jobs report, ISM services data, and Alphabet’s earnings—all key markers to watch.
U.S. stock index futures showed a mixed picture early Wednesday, hinting at a cautious open following a steep tech-driven selloff the day before. Dow futures added 77 points, or 0.16%, S&P 500 futures inched up 0.04%, while Nasdaq 100 futures dipped 0.06%.
Traders are scrambling to figure out if Tuesday’s AI-fueled selloff was just a quick purge or signals a broader reset in software and data stocks. Adding pressure, a packed schedule of economic reports and major tech earnings is set to drop soon.
The S&P 500 slipped 0.84% Tuesday, closing at 6,917.81, while the Nasdaq tumbled 1.43% to 23,255.19. Investors grew uneasy over how rapidly evolving AI tools might pressure software companies’ profit margins. The Dow fell 0.34% to 49,240.99, retreating after an early rally to a new intraday peak. “Many areas, especially around AI, are priced for perfection,” noted John Campbell, senior portfolio manager at Allspring Global Investments. Reuters
The selloff spilled past the U.S. session, dragging down global data, analytics, and software stocks as investors absorbed Anthropic’s newest updates to its Claude product line. European firms like LSEG, RELX, and Wolters Kluwer deepened their losses, with U.S. software shares also staying under pressure, Reuters reported.
Nvidia CEO Jensen Huang dismissed the idea that AI will render software tools obsolete as “illogical” during a Cisco-hosted AI conference in San Francisco, Reuters reports. He argued that AI systems will probably leverage current tools rather than create new ones from the ground up. Reuters
Chipmakers stayed in focus as Advanced Micro Devices predicted a slight dip in quarterly revenue, sending its shares down about 8% in after-hours trading. “Expectations for big AI-driven hardware quarters have distorted market outlooks,” said Bob O’Donnell, president of TECHnalysis Research. AMD CEO Lisa Su described China-related sales in the forecast as “dynamic.” Reuters
Washington re-entered the picture after President Donald Trump signed a spending bill that ended a four-day partial government shutdown. The bill restored funding for several departments, but Homeland Security’s funding only got a short-term extension through Feb. 13. The shutdown had already caused disruptions, delaying the January employment report, according to the Bureau of Labor Statistics.
Wednesday’s U.S. schedule kicks off with ADP private payrolls at 8:15 a.m. ET, followed by the JOLTS job openings report at 9:00 a.m. Services-sector data from S&P Global arrives at 9:45 a.m., with the ISM report due at 10:00 a.m. ET. Weekly oil inventory figures come at 10:30 a.m., and Fed Governor Lisa Cook is set to speak later.
Geopolitical tensions pushed traditional safe havens and energy higher outside the stock market. Oil prices climbed as fresh U.S.-Iran strains surfaced, with Brent trading near $67.79 a barrel and U.S. crude around $63.73, Reuters reported. Spot gold jumped close to $5,100 an ounce on renewed safe-haven buying.
The mood is fragile. A further drop in software, stronger-than-anticipated services data, or a surge in yields could swiftly flip flat futures into a risk-off start. The AI narrative is racing ahead, and traders are well aware of the risks.
Alphabet is set to report earnings after Wednesday’s market close, followed by Amazon on Thursday after trading ends. Investors are also awaiting news on the release date for the postponed January U.S. employment report.
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