Wall Street futures ticked up after a tech-driven selloff, with focus on Alphabet earnings.

U.S. stock index futures ticked up slightly on Wednesday night after a weaker close on Wall Street, as technology stocks remained under pressure amid concerns over AI-driven disruption, while investors assessed Alphabet’s earnings report and new labor market data. S&P 500 futures rose 0.3% to 6,923.0, Nasdaq 100 futures advanced 0.4% to 25,088.75, and Dow Jones futures were mostly unchanged at 49,589.0.

Technology stocks extended their sell-off, while investors turned their attention to Alphabet’s earnings report.

In regular trading, the S&P 500 and the Nasdaq Composite fell 0.5% and 1.5%, respectively, as renewed selling pressure hit heavyweight technology and AI-related stocks. In contrast, the Dow Jones Industrial Average rose about 0.5% as investors shifted toward defensive and value names.

Technology and AI shares led the decline, extending a sector-wide selloff that has persisted into early February. Software and services stocks slid amid growing concerns that rapid advances in AI could disrupt traditional business models and squeeze margins for established companies.

Advanced Micro Devices was a key drag on market sentiment, with its shares plunging around 17% after the company reported earnings and issued guidance that failed to meet lofty market expectations. Although AMD pointed to strong AI-driven demand, investors focused on pricing pressures and intensifying competition in data centers, resulting in the stock’s sharpest one-day drop in years.

Focus also turned to Alphabet’s earnings after the close. The Google parent posted solid advertising revenue and reaffirmed plans for significant investment in AI infrastructure, but caution lingered over the near-term impact on profitability. Alphabet shares fell more than 1% in extended trading.

Meanwhile, Qualcomm shares slid nearly 10% after hours after the company forecast second-quarter revenue and profit below Wall Street estimates, citing a global memory chip shortage expected to weigh on smartphone sales and broader device demand.

U.S. private-sector payrolls rose by less than expected in January, signaling some cooling in the labor market.

Broader market sentiment was also influenced by economic data. Figures released on Wednesday showed private-sector employment increased by just 22,000 jobs last month, well short of the 50,000 gain expected, following a downwardly revised rise of 37,000 in December.

A brief government shutdown led to the postponement of the closely watched monthly jobs report, which had been scheduled for release on Friday.

Investors are now turning their attention to weekly jobless claims data due on Thursday, which should offer a near-term snapshot of labor market conditions ahead of the delayed nonfarm payrolls report.

Sources: Ayushman Ojha