Markets were slipping lower ahead of Wednesday’s open, with S&P 500 futures down 0.7%, the Nasdaq down 1%, and the Dow Jones Industrial Average off about 0.2%.

The big week for earnings continues with Microsoft (MSFT) and Meta reporting after the bell, and investors digesting results from Visa, Starbucks, and others.

Here are some stocks to watch today.

Market awaits read from Big Tech

Bill Gates’ baby reports fiscal third-quarter results Wednesday after the bell, with investors looking for evidence that its AI momentum and cloud strength can withstand the macro turbulence and uncertainty brought on by President Donald Trump’s tariffs.

Meta Platforms, the parent company of Facebook and Instagram, is also set to report its first-quarter earnings after the bell on Wednesday. Analysts are projecting EPS of about $5.22 on revenue of $41.35 billion, marking year-over-year increases of 11% and 13%.

Visa beats on earnings, market shrugs

Visa (V) posted a strong Q2, with non-GAAP EPS up 10% to $2.76 and revenue rising 9% to $9.6 billion. Payments volume grew 8%, cross-border volume rose 13%, and the company announced a $30 billion buyback. Still, the stock barely moved premarket — perhaps because the beat was already baked in. Visa shares are up 25% in the last 12 months.

Starbucks stock sinks on slipping sales

Starbucks (SBUX) shares tumbled 8% after reporting a rough quarter. U.S. comparable sales dropped 2% on a 4% decline in transactions, while international operating income fell 7%. Overall EPS sank 50%. Executives blamed restructuring costs and bad weather, but flat China sales and shrinking foot traffic point to a broader consumer slowdown. Shares sank 9% premarket.

Yum and Mondelez buck the trend

Yum Brands (YUM) delivered a solid quarter: EPS rose 13% as strength at Taco Bell and KFC offset weakness at Pizza Hut. CEO David Gibbs credited Yum’s global reach, digital momentum, and a new AI partnership with Nvidia (NVDA).

Mondelez (MDLZ) also posted strong results, with organic revenue up 4.2% and EPS nearly 9% higher. Emerging markets drove growth, while North America held steady. Cookies and chocolate, it turns out, remain a resilient indulgence even as pricier café visits lose steam.

Travel demand stays afloat

Booking Holdings (BKNG) beat expectations with 8% revenue growth and a 7% increase in gross bookings. Alternative accommodations outpaced traditional hotels, and the company saw a big jump in flight bookings. The results stand in contrast to recent airline warnings, hinting that travelers may be shifting how — but not whether — they spend.

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