U.S. stock futures inched higher on Wednesday night as investors reacted to Alphabet’s (GOOGL) earnings and spending outlook. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) Index were up 0.53%, 0.31%, and 0.02%, respectively, at 8:07 p.m. EDT on February 4.
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Alphabet stock inched lower in Wednesday’s after-hours trading despite reporting strong Q4 results. The company said it plans to increase AI spending and expects up to $185 billion in capital expenditures in 2026. The strong spending outlook lifted shares of Nvidia (NVDA) and Broadcom (AVGO), boosting confidence in AI-related stocks.
Meanwhile, Qualcomm (QCOM) stock fell 9% after the company gave a weaker-than-expected forecast, mainly due to a global memory shortage.
During the regular trading session, markets were volatile. The S&P 500 and Nasdaq Composite fell 0.5% and 1.5%, respectively, as technology stocks declined further. In contrast, the Dow Jones Industrial Average rose 260 points, or 0.5%.
Looking ahead, earnings season continues with Tapestry (TPR) and Peloton Interactive (PTON) reporting results before markets open on Thursday. Amazon (AMZN) is scheduled to report earnings after the market closes.