Nasdaq Futures Slip Ahead Of PPI Data: Goldman, Morgan Stanley Earnings On Tap After ASML’s Bleak 2026 Commentary

The major U.S. index futures traded modestly lower early Wednesday after a lackluster performance in the previous session.

More inflation data is on the horizon, even as traders await clarity on the tariff front and anxiously hope for a healthy second-quarter earnings season. 

President Donald Trump signaled that smaller trading partners will likely be subject to a 10% levy, while also suggesting that sector-specific tariffs for the pharmaceutical and semiconductor industries will take effect by August 1. 

Dallas Fed President Lorie Logan, who spoke after the market closed, said a tighter monetary policy may be warranted at this point, pouring cold water on hopes of a rate cut at the July meeting of the Federal Open Market Committee. 

ASML’s (ASML) warning that it may not report growth for 2026 could dent sentiment toward the chip space.

As of 2:47 a.m. ET on Wednesday, the Nasdaq 100 futures slipped 0.34%, while the S&P 500 and Dow futures retreated by more than 0.25%. The Russell 2000 futures fell a steeper 0.43%.

Stocks closed in a mixed fashion on Tuesday, as Nvidia (NVDA) reclaimed its record high on the news of the imminent resumption of H20 AI chip sales in China, boosting tech stocks.

The Nvidia rally helped IT stocks buck the across-the-board sell-off witnessed in the rest of the S&P 500 sector classes.

An uptick in June inflation, a mixed reaction to Big bank earnings, and the ongoing tariff uncertainty weighed down on the broader market and blue-chip stocks.

The Invesco QQQ Trust (QQQ), an exchange-traded fund (ETFs) that tracks the Nasdaq 100 Index, ended up 0.09%, while the SPDR S&P 500 ETF (SPY) fell 0.43%.

The SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) slumped 1% and 1.9%, respectively.

On Wednesday, traders would have privy to the June wholesale inflation data (8:30 a.m. ET) and the Federal Reserve’s industrial production report (9:15 a.m. ET).

Also on tap is the Fed’s Beige Book (2 p.m. ET), which would provide anecdotal insights into economic conditions in the 12 Federal Reserve districts and is typically released two weeks before the Fed meeting. 

Fed. Gov. Michael Barr is scheduled to speak at 10 a.m. ET, while New York Fed’s John Williams would make a public appearance after the market closes.

Among the key earnings scheduled for the day are Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), Johnson & Johnson (JNJ), Alcoa (AA) and United Airlines (UAL).

Crude oil futures rebounded toward the $67-a-barrel mark early Wednesday, while gold futures rose modestly but remained under the $3,350 level. 

The 10-year Treasury note yield was down a basis point to 4.479% early Wednesday, after advancing Tuesday in reaction to the inflation data.

The U.S. dollar, which rose to a 3-week high on Tuesday, has given back some ground.

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