US stock index futures saw declines on Wednesday, July 22, 2026, as investors prepared for earnings reports from major tech companies Alphabet and Tesla after the market close. The S&P 500 futures were down 0.4%, Nasdaq futures dropped 0.9%, and Dow futures slipped 0.3%. This pre-market dip followed a strong showing on Tuesday where major US indices rebounded, with the Nasdaq gaining 1.29%, the S&P 500 advancing 0.89%, and the Dow Jones Industrial Average up 0.74%.
Chip stocks, including Nvidia Corp., Micron Technology Inc., and Broadcom Inc., were under pressure in pre-market trading, cooling down after Tuesday's gains. This rotation out of speculative tech shares is viewed by Professor Jeremy Siegel as a healthy sign of market maturation rather than a downturn. He maintains that AI remains a transformational technology but cautions against prices doubling on earnings alone. The tech-heavy Invesco QQQ Trust (QQQ) was leading the decline, down 0.61%, while the SPDR S&P 500 ETF Trust (SPY) was down 0.22%.
Several other significant companies were also scheduled to report earnings, including IBM and Texas Instruments after the close, and AT&T and ServiceNow. Investors are particularly focused on Alphabet for updates on AI integration and cloud growth, and on Tesla for clarity on vehicle margins and its Robotaxi initiative. The broader market sentiment was also impacted by rising oil prices, with Brent crude up 1.75% to $93.07 a barrel and WTI crude jumping 4.21% to $88.64 a barrel, due to escalating tensions in the Middle East. Geopolitical concerns and upcoming economic data, such as jobless claims and the PCE price index, are also on investors' radar.
