Dow futures are experiencing a slight uptick, as analysts seek to uncover any signs that President Donald Trump’s assertive tariff strategy is starting to manifest in corporate earnings or economic indicators. Shares in Advanced Micro Devices move lower in after-hours trading, as the chipmaker’s quarterly data center revenue receives a lukewarm response from analysts. Earnings are set to be released from McDonald’s and Walt Disney before the opening bell, while ChatGPT-maker OpenAI is reportedly engaged in discussions for a potential secondary stock sale. Additionally, weight-loss drug manufacturer Novo Nordisk has announced plans to reduce costs in response to increasing competition.

Dow futures indicated a positive trajectory on Wednesday following a decline in equities during the previous session, as investors evaluate nascent indications of the effects of extensive U.S. tariffs on corporate profitability and the broader economic landscape. Dow futures contract registered an increase of 227 points, reflecting a rise of 0.5%. Similarly, S&P 500 futures experienced a gain of 30 points, also representing a 0.5% uptick, while Nasdaq 100 futures saw an elevation of 74 points, corresponding to a 0.3% increase.

The main averages declined in the previous session, influenced in part by a statement from KFC-owner Yum! Brands that the levies are beginning to impact consumer spending and affect its quarterly results. Construction equipment maker and economic bellwether Caterpillar also warned that the duties present headwinds for the second half and could cost the business up to $1.5 billion this year. The nearly completed second-quarter earnings season has exhibited a broadly positive trend, as over 80% of the companies that have reported thus far have surpassed expectations. This has alleviated certain apprehensions regarding the path of the American economy, which were notably intensified last week after a lackluster jobs report for July. The latest data on services sector activity released on Tuesday was underwhelming, with a measure of input costs incurred by these firms reaching its highest point in nearly three years. This development has raised concerns that the U.S. economy might be facing a phase characterized by sluggish growth coupled with rising prices, commonly referred to as “stagflation.”

Advanced Micro Devices experienced a decline in shares during after-hours trading following the release of disappointing quarterly revenue figures from its vital data center segment. Revenue at the unit, which encompasses AMD’s crucial artificial intelligence chips deemed essential for the company’s future expansion, increased by 14% to $3.2 billion. According to LSEG data referenced by Reuters, analysts had projected the figure to be $3.22 billion. By comparison, AI-darling Nvidia posted a 73% jump in data center revenue to $39.11 billion in its fiscal first quarter earlier this year. AMD CEO Lisa Su later informed investors during a post-earnings call that AI chip revenue had declined compared to the previous year, primarily due to U.S. restrictions on semiconductor exports to China and a continuing transition to its next-generation MI350 chips. The performance of the data center and Su’s remarks eclipsed a third-quarter revenue outlook that exceeded projections, estimated at approximately $8.7 billion, with a variance of plus or minus $300 million. AMD has indicated that the guidance does not account for revenue from shipments of its MI308 AI chip to China, noting that license applications are presently under review by the U.S. government.

Despite a consistent decline in the earnings stream, certain constituents of the blue-chip Dow remain scheduled to announce their results. On Wednesday, the data will encompass figures from the burger chain McDonald’s and the media conglomerate Walt Disney. McDonald’s is scheduled to report its second-quarter earnings, with investors keenly watching whether the fast-food giant can sustain its momentum amid shifting consumer trends and competitive pressures. Analysts at Citi anticipate that the company will emphasize enhancements in comparable sales and its capacity to utilize product innovation to attract customers. At Disney, attention will be focused on any developments regarding its streaming service, studios division, and theme parks. Executives are likely to encounter inquiries regarding Disney’s forthcoming ESPN streaming service, set to debut this autumn. In a separate development, the National Football League has finalized an agreement to acquire a 10% stake in ESPN. In exchange, ESPN, a subsidiary of Disney, will assume control of NFL Network along with additional media assets from the league.

OpenAI is reportedly engaged in preliminary discussions regarding a possible secondary share sale, which would value the artificial intelligence startup at $500 billion, according to Bloomberg News, referencing sources familiar with the investment talks. The $500 billion valuation signifies a notable increase from a prior assessment that estimated OpenAI’s worth at $300 billion. According to a Bloomberg report, OpenAI is considering the establishment of a secondary share sale for its current and former employees. Wednesday’s report arrives shortly after the AI leader announced its projection of reaching 700 million weekly active users for its flagship ChatGPT this week, an increase from approximately 500 million users in March. Last week, the company successfully obtained $8.3 billion in new funding from a variety of prominent investors, as part of a SoftBank-led $40 billion fundraising initiative.

Novo Nordisk has announced its intention to reduce costs as the producer of the weight-loss drug Wegovy faces increasing competition and pressure from generic alternatives to its treatments. Once Europe’s most valuable company, Denmark’s Novo has been striving to uphold its formerly dominant status in the sales of its obesity and diabetes medications. On Wednesday, Novo reaffirmed its full-year guidance, approximately one week after it reduced its 2025 sales forecast, issued a profit warning, and announced a leadership restructuring aimed at revitalizing demand and addressing challenges posed by brand-name competitor Eli Lilly and producers of “compounded” drugs. In the second quarter, Wegovy sales experienced a 67% increase compared to the previous year, reaching 19.53 billion Danish krone. On a group-wide basis, revenue increased by 18% to 76.86 billion Danish krone, although it fell short of expectations. Copenhagen-listed shares of Novo exhibited a subdued performance in early trading, yet have experienced a decline exceeding 52% year-to-date.