TLDR
- US stock futures fell Wednesday as the tech rebound lost steam before Tesla and Alphabet earnings
- Bitcoin held near $66,300, consolidating a two-week high with $31 billion in daily trading volume
- The Japanese yen fell past 163 per dollar, its weakest level since 1986
- Semiconductor stocks extended gains for a second day, with South Korea’s Kospi jumping 5%
- US-Iran conflict continued for an eleventh straight day, keeping oil prices elevated
US stock futures pulled back early Wednesday after Tuesday’s tech rally ran out of steam. Investors turned cautious ahead of earnings from two of Wall Street’s biggest names.
S&P 500 Futures fell 0.3%, Nasdaq 100 Futures dropped 0.8%, and Dow Jones Futures slipped 0.2%.
Tuesday had been a strong day. The Nasdaq Composite gained 1.3%, the S&P 500 rose 0.9%, and the Dow added 0.7%. The Philadelphia Semiconductor Index jumped 5.2%.
But futures pointed to a reversal as markets braced for results from Alphabet and Tesla after the closing bell Wednesday.
Alphabet’s report will be watched closely for details on its artificial intelligence spending. The company is one of a group of large tech firms pouring hundreds of billions into AI infrastructure.
Tesla’s results are expected to show updates on robotics, autonomous driving, and vehicle deliveries, which have been improving from a two-year low.
Other companies reporting Wednesday include Philip Morris International, GE Vernova, and AT&T. Chip companies Texas Instruments and Intel report later in the week.
Bitcoin Holds Steady as Yen Hits 40-Year Low
Bitcoin hovered near $66,300 on Wednesday, up roughly 1% on the day and 3% on the week. About $31 billion changed hands in 24 hours, with a price range of $65,400 to $66,900.
The crypto market’s recent gains have tracked closely with the semiconductor rally rather than any crypto-specific event.
Ether traded near $1,935, up 3% on the week. XRP added 2% to reach $1.14. HYPE was the day’s underperformer, falling 4% to $60 and down 10% over seven sessions.
In Asia, MSCI’s Asia Pacific index rose 1%, with South Korea’s Kospi up 5% as a leveraged-position unwind that had pulled the index nearly 30% off its peak appeared to be ending. Samsung and SK Hynix led gains.
The Japanese yen slid past 163 per dollar for the first time since 1986. Japan’s Finance Minister said authorities are ready to act, but the yen continues to fall against a stronger dollar.
Some Bitcoin holders point to a weakening yen as a reason to hold a fixed-supply asset. However, Bitcoin’s price has been tracking chip stocks more closely than currency moves in recent months.
Geopolitical Tensions Add Pressure
The US-Iran conflict entered its eleventh consecutive day, with both sides continuing to exchange strikes. President Trump threatened to target Iran’s nuclear infrastructure.
Oil prices climbed to five-week highs, raising concerns about inflation and interest rates. Defense Secretary Pete Hegseth said the cost of the conflict has reached $37.5 billion.
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