A trader works at the New York Stock Exchange on Jan. 23, 2026.
NYSE
S&P 500 futures rose Wednesday night after the latest corporate earnings, with investors weighing Alphabet results. This follows a major sell-off in software stocks that drove the S&P 500 to a second straight day of losses.
S&P 500 futures and Nasdaq 100 futures climbed 0.27% and 0.36%, respectively. Dow Jones Industrial Average futures added 24 points, or 0.05%.
Alphabet was the latest of the so-called Magnificent Seven companies to report earnings results. Shares were last down more than 1%. The company projected a sharp increase in artificial intelligence spending and called for 2026 capital expenditures of up to $185 billion. Nvidia and Broadcom rose following news of Alphabet’s spending plans, boosting hopes for the AI trade.
Qualcomm slid 9% after posting a weaker-than-expected forecast because of a global memory shortage.
Wall Street is coming off a turbulent trading session. The S&P 500 and the Nasdaq Composite slid 0.5% and 1.5%, respectively, as the tech rout intensified. However, the 30-stock Dow added 260 points, or 0.5%. The equal-weighted S&P 500 added 0.9%.
Software stocks were pummeled as fears of AI disruption in the industry had investors rotating out of technology en masse, and rotating to other more attractively valued parts of the market.
By the end of the trading session, however, many investors suspected the sell-off was overdone, and argued it could be time to buy the dip.
“I would say that there’s a lot that’s been sold out,” Sonali Basak, chief investment strategist at iCapital, told CNBC’s “Closing Bell: Overtime” on Wednesday. “And there are software players, particularly the incumbents, that will win at the end, that are worth looking at soon, if not now.”
Earnings season continues with Tapestry and Peloton Interactive reporting before the open on Thursday. Investors will be anticipating Amazon’s results after the close.
Traders will also await weekly jobless claims data due Thursday morning.