U.S. stock futures took a breather on Wednesday as investors awaited results from Morgan Stanley (MS) and others that could fuel a recovery to record highs after an ASML (ASML)-led decline.
Futures on the S&P 500 (ES=F) and Dow Jones Industrial Average (YM=F) were flat, while contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.1%.
All three major indicators retreated from record highs on Tuesday after ASML’s deep cut to its 2025 sales forecast dented confidence in the AI chip business, sending stocks like Nvidia (NVDA) tumbling. The markets are on alert for new news from ASML on the day the chip tool manufacturer’s apparently accidentally released earnings were due to appear.
Eyes will be on Morgan Stanley’s quarterly report before the bell, looking for signs of the Wall Street comeback that has boosted big banks’ profits this week. A strong result would boost optimism that the US economy is heading for a “soft landing”.
At the same time, disappointing earnings from ASML, UnitedHealth Group (UNH) and high-end LVMH (MC.PA, LVMUY) have otherwise bullish Wall Street looking for signs of weakness elsewhere. Abbott (ABT), Alcoa (AA) and Discover Financial Services (DFS) are scheduled to open on Wednesday.
In the resources sector, gold (GC=F) rose to a new record after new tariff promises from Republican candidate Donald Trump increased uncertainty surrounding the outcome of the tight US presidential race.
