US pre-open: Futures mixed as tech weakness lingers
By Iain Gilbert
Date: Wednesday 04 Feb 2026
(Sharecast News) - Wall Street futures were pointing a mixed open ahead of the bell on Wednesday after tech stocks dragged major indices into the red.
As of 1230 GMT, Dow Jones futures were up 0.11%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.05% and 0.25% weaker, respectively.
The Dow closed 166.67 points lower on Tuesday as traders rotated out of a number of big-name tech firms.
Wall Street futures were mixed prior to the open on Wednesday, while the tech-heavy Nasdaq was still under pressure after most major tech names traded lower in the previous session, with several of the so‑called 'Magnificent Seven' heading south. Microsoft and Meta both slipped more than 2% on Tuesday, while Apple edged down and Nvidia also extended its year‑to‑date losses with a near‑3% decline. Weakness across the software sector persisted as Salesforce dropped around 7%.
Chipmaker AMD was also in focus before the open following better‑than‑expected fourth‑quarter results, but still traded lower in pre-market action after its first-quarter forecast fell short of what some analysts had expected amid the ongoing AI spending boom.
In terms of Wednesday's earnings, Eli Lilly said Q4 revenues had increased 43% to $19.3bn, driven by volume growth from Mounjaro and Zepbound, while earnings per share grew 51% to $7.39 per share on a reported basis, while Stanley Black & Decker posted Q4 adjusted earnings that came in ahead of Wall Street expectations, even as revenues fell short of estimates.
Rideshare giant Uber traded sharply lower before the open after its Q4 earnings missed Wall Street expectations, while KFC and Taco Bell parent company Yum! Brands reported quarterly earnings that didn't quite match up to expectations, but said its Q4 revenues had come in better than expected.
Google parent company Alphabet will report earnings after the close.
On the macro front, US mortgage applications fell by 8.9% in the week ended 30 January, according to the Mortgage Bankers Association of America, extending the previous week's 8.5% drop. Applications fell for a second straight week despite a decline in mortgage rates, with markets continuing to assess how the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will comply with Donald Trump's order to purchase $200bn in mortgage-backed securities. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rate, fell by 5% week-on-week, while applications to purchase a home sunk 14%.
Still to come, January's ADP employment change figures will be published at 1315 GMT, while S&P Global's composite and services PMIs were slated for release at 1445 GMT, and the Institute for Supply Management's services PMI will follow at 1500 GMT.
Reporting by Iain Gilbert at Sharecast.com
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