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Stock futures posted small gains in cautious trading as investors weighed whether record AI infrastructure spending would translate into durable earnings growth. Commodities surged, led by fresh highs in gold and silver, while the dollar weakened again.
S&P 500 futures rose 0.2% by 8:36 a.m. New York time. NASDAQ 100 futures gained 0.1%, while Dow futures held near flat. In Europe, the Stoxx Europe 600 rose 0.7%, and the MSCI World Index added 0.2%.
Meta Platforms Inc. supported sentiment after it said it may invest up to $135 billion this year, above estimates of $110 billion. Meta shares rose more than 9% in premarket trading after it issued a stronger-than-expected sales outlook.
Microsoft Corp. stock fell nearly 7% in premarket trading as higher spending coincided with slowing cloud-sales growth. The move underscored investor focus on how quickly companies can turn AI-related capex into revenue momentum.
Rory McPherson, chief investment officer at Magnus Financial Discretionary Management, said the market is rewarding firms that monetize investment while questioning those that cannot. Meanwhile, Apple Inc. stays in focus ahead of results expected after the close.
Spot gold climbed above $5,500 an ounce as the rally in precious metals extended. Silver also hit a new high and pushed its year-to-date advance to around 63%. Copper surged by the most in 16 years amid a wave of speculative trading in China.
West Texas Intermediate crude rose 3.1% to $65.18 a barrel, then extended gains to 4.7% at $66.19 a barrel. In addition, Brent crude futures hit $70 a barrel for the first time since September after President Donald Trump warned Iran to make a nuclear deal or face military strikes.
Dan Boardman-Weston, chief investment officer at BRI Wealth Management, said gold still plays a role in diversification. However, he said he is managing exposure at current levels given the sharp run-up.
The Bloomberg Dollar Spot Index fell 0.1% and later showed a 0.2% decline. The euro traded near $1.1966, while the yen held around 153.20 per dollar. The market, however, kept close watch on hedging activity tied to US assets as the currency weakened.
Treasuries showed small moves. The 10-year Treasury yield held near 4.25% and later edged to 4.26%. Germany’s 10-year yield sat around 2.85%, while Britain’s 10-year yield hovered near 4.53%.
Crypto prices declined. Bitcoin fell about 1.5% to $87,965.93 earlier, then traded near $87,703.7. Ether dropped 2.8% to $2,933.24 earlier and later traded near $2,916.17.
Dow Inc. plans to cut about 4,500 jobs to simplify and streamline operations.
Caterpillar Inc. beat earnings estimates as AI data-center power demand lifted equipment sales.
International Business Machines Corp. jumped 8.4% on strong software-unit growth. It also kicked off what is expected to be a multi-billion-dollar wave of borrowing in 2026.
Meta Platforms Inc. lifted its current-quarter outlook and flagged up to $135 billion in annual investment.
Microsoft Corp. posted record spending as cloud-sales growth slowed, pressuring shares.
Tesla Inc. rose 1.7% after beating earnings estimates and outlining $20 billion for factory-line changes.
Tesla Inc. also revealed plans to invest $2 billion into Elon Musk’s artificial intelligence company, xAI.
SAP SE fell sharply after its fourth-quarter current cloud backlog slipped.
Deutsche Bank AG ended a record profit year and announced a new share buyback.
Samsung’s chip unit delivered a more than fivefold profit gain in the December quarter.
NVIDIA Corp., Microsoft, and Amazon.com Inc. are in discussions to invest up to $60 billion in OpenAI.
Investors will track Apple’s results for signals on demand and spending plans across the megacap group. Markets also remain sensitive to the commodity surge, dollar weakness, and how quickly AI infrastructure spending converts into earnings growth.
Also Read: US Stock Market Today: S&P 500 Tops 7,000 as Investors Await Fed Decision and Big Tech Earnings
