US stock futures crept below the baseline late Wednesday as Wall Street sifted through fresh quarterly results from chip heavyweight Nvidia (NVDA) to provide a steer on the next leg of the AI trade.

Contracts linked to the Dow Jones Industrial Average (YM=F) edged down 0.1%. Futures for the S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) both fell around 0.3%.

The cautious tone in futures followed a solid session for equities. The S&P 500 (^GSPC) advanced on Wednesday, marking its second straight gain. The Nasdaq Composite (^IXIC) and Dow Jones Industrial Average (^DJI) both ended the day in the green.

In extended trading, Nvidia (NVDA) shares jumped before giving up those gains. The semiconductor giant topped Wall Street expectations for Q4 profit and revenue, soothing some fears around the “AI scare trade” that has gripped markets this year. By contrast, Salesforce (CRM) sank roughly 5%, continuing an AI-driven sell-off that’s seen the company drop around 28% year-to-date.

Technology and software stocks led the rebound during regular trading. Oracle (ORCL) and all members of the “Magnificent Seven” notched gains. Those gains came despite President Trump announcing during his State of Union address that he is expecting Big Tech to foot an ever-increasing electricity bill from data centers.

Looking ahead on the economic calendar, investors will parse weekly jobless claims data due Thursday, followed by January’s producer price index report on Friday.

Wall Street also continues to see earnings come through, with quarterly results from Warner Bros. Discovery (WBD), Dell Technologies (DELL) and CoreWeave (CRWV) all slated to report Thursday.

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