Dow Futures indicate a modest upward movement, with earnings from and on the horizon. The results emerge amid growing concerns regarding the implications of the artificial intelligence surge on numerous companies spanning various sectors. In other developments, gold and oil prices are on the rise as focus shifts to an important meeting scheduled for Thursday between U.S. and Iranian officials.

On Wednesday, Dow Futures exhibited a subdued performance, as investors prepared for a series of significant corporate earnings announcements, notably from the highly regarded artificial intelligence company Nvidia. As of 03:01, the Dow futures contract exhibited minimal variation, while S&P 500 futures recorded an increase of 5 points, reflecting a 0.1% rise, and had ascended by 29 points, also indicating a 0.1% gain. The primary indices experienced an uptick in the previous session, supported by Anthropic’s declaration of a series of partnerships, which alleviated some apprehensions regarding potential widespread disruption to software and data equities stemming from the AI startup’s latest models. Concerns have increasingly taken center stage in recent weeks, as a significant number of investors express apprehension that the products from Anthropic, along with comparable offerings from other AI companies, may negatively impact the demand for software services. Concurrently, market participants have been monitoring the substantial investments in AI infrastructure made by numerous large-cap technology firms. There is ongoing scrutiny regarding the timeline for these expenditures to yield considerable financial returns, as well as the frequently “circular” characteristics of recent transactions within the AI industry. Highlighting these developments, Meta announced it had reached an agreement to acquire 6 gigawatts of AI computing power as part of a $100 billion transaction, which could lead to the Instagram parent company holding 10% of the chipmaker’s equity. Shares of AMD, which contended that the agreement will enhance its competitive position against primary rival Nvidia, surged. In the backdrop, there exists a prevailing uncertainty regarding the implications of President Donald Trump’s tariffs, which were enacted as temporary 10% global duties subsequent to a Supreme Court ruling that invalidated his so-called “reciprocal” levies. During a State of the Union address on Tuesday, Trump stated that “everything was working well” with his tariff agenda, further commenting that the Supreme Court ruling was “unfortunate.”

Nvidia now steps into the spotlight, as analysts await results that have become a bellwether for the global AI market and a signpost for the trajectory of international stock markets now intertwined with this emerging technology. The report, scheduled for release following the conclusion of U.S. market trading, arrives at a time when the shares of the so-called “Magnificent Seven” mega-cap technology companies have predominantly stagnated throughout the year. The cohort has experienced a significant increase since the introduction of OpenAI’s ChatGPT in 2022, which ignited a surge of interest in AI. A significant number of these entities have been perceived as substantial beneficiaries from the ascendance of AI, and the increase in their stock values has predominantly served as a catalyst for broader stock market advancements in recent years. However, that narrative has encountered challenges in the initial months of 2026. “It’s not only Nvidia investors who will be nervous ahead of the company’s results; the entire global equity market may be on edge, given the importance of the AI trade,” stated Laurence Booth.

In other developments on the earnings calendar, Salesforce is set to release its quarterly results after the market closes. The cloud-based software group has emerged as a significant casualty amid the anxieties surrounding the rise of advanced, state-of-the-art AI models. Shares of the San Francisco-based company have declined by over 26% year-to-date, highlighting investor apprehension regarding the prospects for the wider software-as-a-service sector. In this context, sentiment surrounding the stock is described as “gloomy” as it approaches the returns, further exacerbated by a lacklustre forecast from IT services firm Workday on Tuesday evening, according to analysts in a note. “The AI-linked medium/long-term existential overhang weighing on all of software will not go away anytime soon,” the analysts flagged. However, should Salesforce report “decent” fourth-quarter earnings, offer “respectable” guidance for the current year, and “demonstrate” further advancements with its AI products, “the stock (and the entire software-as-a-service sector) could experience an extension of the upward momentum observed on Tuesday,” they noted.

Gold prices increased following a decline in the prior session due to profit booking, as investors evaluated the implications of newly imposed U.S. tariffs and anticipated U.S.-Iran discussions later this week. Spot gold experienced an increase of 0.9%, reaching a price of $5,190.21 per ounce. U.S. gold futures experienced an increase of 0.6%, reaching a price of $5,209.51 per ounce. The yellow metal experienced a decline of 1.6% on Tuesday, following a sequence of four consecutive sessions of gains. The United States initiated a temporary 10% global import tariff on Tuesday, with reports indicating that the Trump administration is considering a formal increase of the levy to 15%. This development has heightened uncertainty regarding global trade dynamics and inflationary pressures. The recent tariff action was a direct consequence of a U.S. Supreme Court ruling from the previous week, which invalidated extensive duties that had been enacted under emergency powers. This development led the Trump administration to reinstate tariffs utilising a different legal framework. Geopolitical tensions were also a significant factor. The United States and Iran are set to engage in a third round of discussions later this week in Geneva regarding Tehran’s nuclear program.

Oil prices remained close to seven-month peaks in anticipation of the discussions taking place in Switzerland. Increased by 0.4% to $70.86 per barrel, while U.S. West Texas Intermediate crude futures advanced by 0.5% to $65.93 per barrel. Both contracts are hovering near their peak levels since early August, as the U.S. has deployed military forces in the Middle East to pressure Iran into consenting to a cessation of its nuclear program. U.S. envoys, including special representative Steve Witkoff and presidential adviser Jared Kushner, are scheduled to engage with Iranian counterparts on Thursday.