US stock futures struggled for a footing on Wednesday after the S&P 500 (^GSPC) erased its losses for 2025, as corporate outlooks underlined uncertainty around tariffs.
Futures on the broad benchmark S&P 500 (ES=F) hovered above the flat line, while Dow Jones Industrial Average futures (YM=F) nudged 0.1% higher. Contracts on the Nasdaq 100 (NQ=F) were also little changed after Nvidia (NVDA) powered Tuesday’s tech-led rally for stocks.
Prospects for the chipmaker — and the AI trade more widely — got a boost from plans to overhaul curbs on chip exports and new AI deals led by Saudi Arabia. The President Trump-backed moves come as markets debate the staying power of a “Magnificent Seven” rally driven by the US-China trade truce.
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But Nvidia supplier Foxconn hon hai (2317.TW, HNHPF) cut its full-year outlook on Wednesday, citing uncertainty around tariffs. The warning came even as the Apple (AAPL) partner posted a sharp jump in profit and touted booming demand for its AI servers — a sign of how Trump’s trade overhaul is overshadowing earnings season.
Read more: The latest on Trump’s tariffs
Since President Trump announced a 90-day truce on tariffs between the US and China, Wall Street has seen a notable turnaround in sentiment. Tuesday’s inflation report, which showed consumer prices rose at their slowest pace since 2021 despite trade whiplash in April, offered an additional sense of relief.
Companies reporting financial results on Wednesday include Sony (SONY), Coreweave (CRWV), and Cisco (CSCO).
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