Futures were sliding on Wednesday as investors ditched artificial-intelligence stocks, locking in some profit following a strong rebound in the previous session.
However, Super Micro Computer Inc. was the S&P 500's top performer ahead of the opening bell, jumping 17% after the AI server maker doubled its previous guidance for gross margins for the fiscal fourth quarter.
Super Micro's peers also got a boost from the outlook hike. Dell Technologies gained 4.3% and Hewlett Packard Enterprise advanced 3.2% in premarket trading.
Other AI stocks were faltering, though. Chip manufacturer Intel slid 3.3%, memory-chip maker Micron dipped 2.9%, and memory card maker Sandisk declined 2.8%.
Shares of Advanced Micro Devices, Corning, Marvell, Nvidia, and Western Digital were also falling in Wednesday's premarket.
Higher oil prices were part of the problem -- Brent crude futures rose 4% and briefly hit $95 a barrel early Wednesday. Investors may be fretting that a flare-up in inflation could bolster the case for the Federal Reserve to hike interest rates. Chevron and ExxonMobil both climbed 1%.
Wireless carrier AT&T, power generation equipment maker GE Vernova, tobacco company Philip Morris, and home builder PulteGroup are among the companies set to report earnings on Wednesday.
Write to George Glover at george.glover@dowjones.com
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July 22, 2026 06:26 ET (10:26 GMT)
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