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US stock futures edged up as President Trump announced a trade deal with Japan and Wall Street readied for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.3%. Futures attached to the benchmark S&P 500 (ES=F) ticked up 0.2%, while the tech-heavy Nasdaq 100 (NQ=F) fluttered just above flatline.
Trump posted on Truth Social on Tuesday evening, “We just completed a massive Deal with Japan, perhaps the largest Deal ever made.” The president said that the agreement includes a 15% tariff on imported goods from Japan.
On Tuesday, stocks closed mixed, with the S&P 500 closing just above the flatline to notch a record high. Tariffs loomed large throughout the day. GM (GM) reported sinking profits due to new levies, and President Trump announced trade deals with the Philippines and Indonesia.
Read more: The latest on Trump’s tariffs
Google-parent Alphabet and Tesla are set to kick off highly anticipated second-quarter results from the “Magnificent Seven” after the bell Wednesday.
Tesla CEO Elon Musk’s rocky relationship with Trump is looming large over the EV maker’s earnings. With its stock down nearly 18% year-to-date, investors are watching for updates on the company’s core auto business and its robotaxi rollout.
With Alphabet, investors are looking for signs that AI investments are starting to pay off as the company pours billions into the technology. A federal judge’s decision that could force the company to sell Google Chrome will also be in focus.
Other earnings results set to land on Wednesday include Chipotle (CMG), which is expected to report its second straight quarter of declining sales, as well as AT&T (T), IBM (IBM), and Alaska Air (ALK).
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Trending tickers in after-hours trading
Texas Instruments, Inc. (TXN)
Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump’s tariffs.
Enphase Energy, Inc. (ENPH)
Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company’s stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump’s removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market.
Analog Devices, Inc. (ADI)
Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI’s earnings reports, still not due for another month.
