Mixed Futures as Middle East Optimism Meets Tech Trade Selectivity

US stock futures were mixed on Wednesday as optimism over a possible Middle East agreement supported the Dow and S&P 500, while post-earnings selling in SpaceX and AMD weighed on the Nasdaq.

The split followed record closes for the Dow and S&P 500 on Tuesday, but investors are already looking to July private-payroll and services data, fresh Federal Reserve commentary, and another crowded earnings slate for clues on whether the broader rally can withstand a more selective technology trade today.

Record highs meet a narrower technology trade. The diplomatic backdrop remains fragile as Iran disputed claims of direct peace negotiations, while attacks on regional shipping have continued.

SpaceX shares fell about 10% after quarterly revenue rose 92% to $7.8 billion and its net loss narrowed to $541 million, but the concern was capital intensity as SpaceX spent $18.37 billion during the quarter.

AMD reported record second-quarter revenue of $11.54 billion, up 50% from a year earlier, while adjusted earnings reached $1.66 a share. However, investors focused on an adjusted gross-margin forecast of 56%, unchanged from the second quarter despite another expected rise in revenue.