Tonight Highlights | U.S. Futures Flat as S&P 500 Eyes Record Highs

 

U.S. stock futures remained largely unchanged on Wednesday as European markets trended lower. Investors are closely monitoring the S&P 500 as it nears its January 28 record of 7,002.28, marking a significant recovery from late-February losses triggered by the Iran conflict.

 

The Nasdaq is also on a 10-day winning streak, fueled by optimism over potential U.S.-Iran diplomatic progress.

 

While a White House official noted that a second round of negotiations is under discussion, no formal schedule has been set. Meanwhile, Brent crude edged up past $95 per barrel as U.S. officials clarified that a formal extension of the ceasefire has not yet been finalized.

 

Brent Schutte, CIO of Northwestern Mutual Wealth Management, cautioned that while immediate concerns persist, long-term opportunities remain—particularly in underperforming assets that may benefit as investors rotate back into their preferred sectors.

Corporate Briefs

Tesla AI Milestone: Elon Musk announced the successful tape-out of the AI5 chip, which he predicts will become one of the world's highest-volume AI chips. Development is also underway for AI6 and Dojo 3, supported by partners TSMC and Samsung.

 

Morgan Stanley Beats Estimates: The bank reported Q1 net revenue of $20.58 billion, comfortably beating the $19.71 billion forecast. Strong equity trading revenue of $5.15 billion helped drive shares up 3% in pre-market trading.

 

Snap Restructuring: Snap Inc. announced it will cut roughly 1,000 jobs (16% of its workforce) to reduce annual costs by $500 million by late 2026. Despite the layoffs, the stock surged over 6% pre-market on the cost-efficiency news.

 

Aviation Merger Rumors: United Airlines CEO Scott Kirby reportedly proposed a merger with American Airlines to President Trump. However, legal experts suggest the deal is "hopeless" due to severe antitrust concerns and overlapping routes in major hubs like Chicago.

 

ASML Mixed Signals: While ASML’s Q1 revenue of €8.77 billion beat expectations, its Q2 guidance fell short of market forecasts. The stock slipped over 3% as investors weighed the conservative near-term outlook against raised full-year targets.

 

Stellantis Shipments Rise: The automaker reported a 12% increase in Q1 shipments to 1.4 million units. Growth was strongest in North America (+17%) and Europe (+12%), reflecting robust demand in key Western markets.

 

Samsung Storage Launch: Samsung Electronics unveiled new T7 and T9 microSD cards, offering capacities up to 1TB. The new lineup is scheduled for consumer release on April 30, 2026.