Stock market today: S&P 500, Nasdaq futures fall after AI-fueled sell-off, with Google earnings on deck

Updated Wed, February 4, 2026 at 7:20 AM EST 2 min read

US stock futures leaned higher on Wednesday, finding some calm after a tech-led slide as Wall Street waited for Alphabet (GOOG, GOOGL) earnings to provide a health check on AI spending.

Dow Jones Industrial Average futures (YM=F) moved up roughly 0.3%, while S&P 500 futures (ES=F) also put on 0.3% after swinging between small gains and losses. Contracts on the Nasdaq 100 (NQ=F) nudged just into the green after tech stocks bore the brunt of the selling on Tuesday.

Wall Street is finding its feet after AI disruption fears fueled a rush out of software stocks — spilling over into a deep global sell-off that hit Europe and Asia markets alike. Meanwhile, broader AI gloom has helped spur the rotation from high-profile tech names into value stocks, with Nvidia (NVDA) and Microsoft (MSFT) both taking a hit.

Even better-than-expected earnings are no longer enough to convince the market, JPMorgan warned, unless the company reporting can show that AI will be a tailwind rather than a headwind. Advanced Micro Devices (AMD) shares sank over 8% in premark as the chipmaker’s weak sales outlook cast doubt on its ability to take on AI bellwether Nvidia.

The spotlight turns to Alphabet (GOOG) and Arm Holdings (ARM) results on Wednesday, with the focus on AI demand. After that, the countdown will begin for Amazon’s (AMZN) quarterly report on Thursday.

Elsewhere in earnings, Chipotle‘s (CMG) stock retreated after the burrito chain reported another quarter of declining customer traffic and warned that same-store sales growth could stall in 2026.

Looking ahead, Eli Lilly’s (LLY) results due later are in high focus after rival weight-loss drugmaker Novo Nordisk (NVO, NOVO-B.CO) shocked investors by forecasting a steep drop in sales. Shares in the Danish pharma tumbled almost 15%.

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Eli Lilly stock rises after reporting upbeat 2026 profit forecast

Eli Lilly (LLY) stock jumped 7% before the bell on Wednesday after the pharmaceutical group provided a 2026 profit forecast above Wall Street estimates. The company said it is hoping demand for its weight-loss drugs rises as it gets ready to release its oral weight-loss pill this year.

Reuters reports:

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Bitcoin-led crypto rout erases nearly $500 billion in a week

Bitcoin (BTC-USD) drifted lower before the bell, eyeing a break below $76,000 per token to continue its slump.

The digital currency has plunged about 40% since notching an all-time high in October, sparking a warning from Michael Burry. “The Big Short” trader said the plummet could cascade into a self-reinforcing “death spiral” that could hit companies with big bitcoin treasuries.

Bloomberg reports:

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Alphabet set to report Q4 earnings in test of stock’s rally amid Google’s AI wins

Microsoft’s earnings stumble has intensified the focus on results from megacap names as AI worries pile pressure on tech stocks.

The next highlight is Alphabet (GOOGL, GOOG), set to report Q4 results after market close on Wednesday amid growing optimism from Wall Street for the Google parent’s AI leadership.

Yahoo Finance’s Laura Bratton reports:

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Supermicro stock jumps after raising annual revenue forecast

Supermicro (SMCI) stock jumped 11% before the bell on Wednesday after the server maker raised its annual revenue forecast on Tuesday, citing continued strong demand for its AI servers, driven by companies expanding their data centre capacity.

Reuters reports:

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Enphase jumps after earnings top analysts estimates

Enphase Energy (ENPH) stock soared 20% during premarket hours after the company’s profit and revenue beat analysts’ estimates. The technology company’s shares have risen 10% over the past month, but are down almost 42% for the year.

The AP reports:

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Chipotle stock sinks after company reports Q4 same-store sales drop 2.5%

Chipotle (CMG) stock dropped 5% in during premarket trading on Wednesday. The burrito-bowl chain said on Tuesday afternoon that same-store sales fell in the fourth quarter and told investors it expects no sales growth in 2026 as it continued to navigate a decline in traffic.

Yahoo Finance’s Brooke DiPalma reports:

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Indian tech stocks plunge as Anthropic AI tools spark workforce concerns

Reuters reports:

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Nvidia reportedly nearing end to $20 billion investment deal into OpenAI

Bloomberg reports:

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