US Stock Futures Slip As Iran Targets American Forces Ahead Of Big Tech Earnings: SKHY, SNDK, BE, SOFI In Focus

• Oil prices climbed higher following the news.
• On Wednesday, earnings from major hyperscalers, including Amazon, Apple, Meta Platforms, and Microsoft are expected, while chipmaker Qualcomm and fintech firms SoFi Technologies and Robinhood Markets will also announce results. 
• Later on Wednesday, the Federal Reserve will announce the interest rate decision from its July policy meeting. 

U.S. futures declined in the overnight session late Tuesday as geopolitical tensions are on the rise again after the U.S. said Iran launched multiple missiles at American forces. The news sent oil prices soaring overnight. 

Meanwhile, markets are anticipating a slew of earnings results from top tech companies after the Federal Reserve’s policy decision announcement later on Wednesday. 

Nasdaq-100 futures fell 0.37%, Dow futures were down 0.08%, and S&P 500 futures slumped 0.08% at 9:53 PM EDT.  

During the regular trading session, U.S. benchmark indexes closed mixed, with the Dow and S&P 500 gaining more than 1% and 0.21% respectively. The Nasdaq closed 0.22% lower, once again weighed down by a selloff in chip stocks and marking a fifth consecutive session in the red. 

What’s Driving US Markets?

U.S. markets are keenly watching the earnings updates from top companies this week, as well as the Federal Reserve’s interest rate decision for July. 

Ford Motor Co. (F) beat Wall Street expectations on both second-quarter (Q2) earnings and revenue, and also raised its full-year 2026 financial guidance, sending shares higher. PayPal Holdings Inc. (PYPL) and Boeing Co. (BA) also posted strong Q2 results, sending shares higher. However, Visa Inc. (V) shares slipped about 1% after the payments company posted underwhelming guidance.

"What has been behind the move into these non-tech names? Part of it is value," Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky, reportedly told Reuters. "GDP is solid, the labor market continues to churn along and, in a lot of places, there's evidence ​that consumer spending is reaccelerating."

On Wednesday, earnings from major hyperscalers, including Amazon.com Inc. (AMZN), Apple Inc. (AAPL), Meta Platforms Inc. (META) and Microsoft Corp. (MSFT) are expected. Chipmaker Qualcomm Inc. (QCOM), and fintech firms SoFi Technologies Inc. (SOFI) and Robinhood Markets Inc. (HOOD) will also announce results. 

Meanwhile, chip stocks continued to decline on Tuesday. The VanEck Semiconductor ETF (SMH) lost nearly 3.5% and the iShares Semiconductor ETF (SOXX) fell nearly 5% at close. 

On the geopolitical front, conflict in the Middle East escalated again, putting an end to several days of calm. The U.S. said that Iranian forces had attacked the American military on Tuesday evening. 

“At 5:45 p.m. ET today, Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on U.S. forces based in the Middle East. All Iranian missiles were successfully intercepted. U.S. forces remain vigilant and at a high state of readiness,” the U.S. Central Command said in a post on X.

Global oil prices jumped on the news amid renewed concerns for energy supply disruptions. Brent crude futures expiring in September climbed more than 4% to $87.77 a barrel. Meanwhile, WTI crude futures expiring in September were trading at $82.59 per barrel at the time of writing. 

Later on Wednesday, the Federal Reserve will announce the interest rate decision from its July policy meeting, with markets largely expecting the central bank to hold rates steady. 

Trending Stocks To Watch 

SK Hynix Inc. (SKHY): The South Korean chipmaker’s shares declined overnight despite posting record quarterly revenue and profit, bolstered by strong AI-related memory demand, as the figures failed to meet investors’ lofty expectations. 

Sandisk Corp. (SNDK): Shares of the memory company slumped more than 14% at close and continued to slide overnight amid a sector-wide selloff and growing concerns over the AI trade. 

Bloom Energy Corp. (BE): The clean energy company’s shares soared over 13% overnight, erasing losses from the close, after its  Q2 earnings and revenue beat expectations, while it raised 2026 full-year revenue outlook, which added to positive sentiment. 

SoFi Technologies Inc. (SOFI): The fintech company was on the retail radar after it announced a multi-year partnership with Notre Dame Athletics ahead of its Q2 earnings results. 

Other Market Trends 

Yields on the 10-year Treasury climbed to 4.616% amid rising geopolitical tensions, while spot gold prices stayed flat at $4,027.59 per ounce. 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) edged higher at the time of writing, while the Invesco QQQ Trust (QQQ) declined. 

The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.17% amid ‘neutral’ sentiment.

Asian markets were trading mixed at the open on Monday. South Korea's KOSPI dropped lower, while Japan’s Nikkei 225 was trading flat. China’s SSE Composite and Australian stocks were gaining at the time of writing. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.