S&P 500, Nasdaq Futures Slip After Breakout Session — Analyst Flags Tech Rally As ‘Never Seen Before’

• U.S. futures slipped as global markets cooled and Asian stocks weakened.
• Wall Street remained near record levels after strong gains led by health care and tech.
• Analysts flagged the S&P 500's all-time high, its first of the new year, following 39 record closes in 2025 and 57 in 2024. 

U.S. stock futures were mixed early Wednesday after Wall Street closed at record levels in the prior session, as investors digested geopolitical developments tied to Venezuela and shifted focus toward a busy slate of U.S. economic data.

At the time of writing, S&P 500 futures slipped 0.07%, while Nasdaq 100 futures fell 0.18%. Dow futures bucked the trend, rising 0.08%, after the blue-chip index closed above 49,000 for the first time on Tuesday.

Another Record Day For S&P 500

Stocks climbed in the regular session as markets brushed aside concerns over the U.S. strike in Venezuela, which resulted in the deposition of President Nicolás Maduro. The Dow gained nearly 485 points, the S&P 500 posted another record close, and the Nasdaq Composite rose about 0.7%. Nine of the S&P 500’s 11 sectors finished higher, led by health care and technology.

Mega-cap names remained in focus, with Amazon and Palantir each jumping over 3%. Data storage stocks, including Sandisk, Western Digital, and Seagate, were also among the index’s top performers.

The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, rose 0.6%, while the Invesco QQQ Trust (QQQ) climbed 0.9%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) added about 1%.

Market Momentum Extends Into 2026

Charlie Bilello, chief market strategist at Creative Planning, noted on X that the S&P 500 ended Tuesday at an all-time high, its first of the new year, following 39 record closes in 2025 and 57 in 2024.

The Kobeissi Letter highlighted on X the scale of the technology-driven surge, noting that the S&P 500 communications services sector has climbed 184% over the past three years, the strongest three-year gain on record. The move surpassed the previous high set during the dot-com era and has been driven by outsized gains in Meta and Alphabet. Since the 2022 market low, the sector has rallied nearly 200%, pushing it well above its 2000 peak.

Commodities React To Venezuela Shift 

In commodities, oil prices extended their decline after U.S. President Donald Trump said Venezuela would turn over as much as 50 million barrels of crude to the U.S., pushing crude toward $56 a barrel and Brent below $61. 

Gold eased after a sharp three-day rally that lifted prices more than 4%, as traders shifted focus from geopolitical tensions to upcoming U.S. economic data. Silver fell as much as 2.2% on Wednesday but has still rallied 12% so far this year. 

Metals also cooled after recent strength, with copper and nickel retreating from record highs, and the U.S. dollar index hovered near 98.60, with the 10-year U.S. yield slipping to around 4.16% after easing by about one basis point.

Asia Pulls Back After Sharp Run-Up

Asian stocks traded lower on Wednesday, with markets in the region easing after a strong start to the year. Japanese shares led declines, falling about 1%, after China imposed export controls on items with potential military use, heightening tensions between China and Japan.

A broad gauge of Asia-Pacific shares outside Japan edged lower, while Australia’s resource-heavy index rose modestly as commodity stocks outperformed. 

Events To Watch

Investors are now turning to key U.S. economic releases, including ADP private payrolls, the ISM services index, job openings data, and factory orders. Markets will also be listening for comments from Federal Reserve Vice Chair for Supervision Michelle Bowman to assess any outlook for interest rates.

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