Global markets were mixed and U.S. stock futures edge lower after gains on Wall Street on Tuesday that were fueled by optimism around trade deals, even as companies globally were yanking guidance due to the broader uncertainty.

The dollar continued to eke out small gains and Treasury yields were a touch lower Wednesday. Ahead, Microsoft, Meta and Qualcomm report after the bell with investors poised to watch for any softening in AI demand, with Apple and Amazon due Thursday.

On the macro front, the first estimate of U.S. first-quarter gross domestic product is due, while CPI readings for April are rolling in.

  • U.S. S&P stock futures were last down 0.2%, with Nasdaq futures off 0.3% and the Dow Industrials a nudge below flat.

  • In Europe, stock markets were up in early trading even as Volkswagen, Mercedes-Benz and Stellantis joined the growing chorus of companies, particularly carmakers, cautioning about their forward guidance due to tariff concerns. The Stoxx Europe 600 index was up around 0.5% in early trade, in line with gains across major stock markets here.

  • Asian shares ended mixed, with gains in Japan and Hong Kong, but falls in South Korea and mainland China, where PMIs indicated that economic growth could fall below 4.5% in the second quarter, according to Morgan Stanley economists.

  • The dollar continued its slight recovery this week on signs that President Trump is pulling back tariffs, but the currency remains at risk of renewed falls. The DXY dollar index against a basket of major currencies was recently up 0.1% to 99.3020.

  • Early in Europe the 10-year Treasury yield was trading less than one basis point lower at 4.165%, according to Tradeweb.

  • Oil prices extended their losses in early trade on signs that the global trade war is weighing on economic growth and demand prospects. Brent crude fell 1.4% to $62.34 a barrel, while WTI was down 1.7% to $59.42 a barrel. Both contracts are down more than 14% on the month. Meanwhile, gold continued to pull back from recent highs as safe-haven demand eases somewhat; futures were last down 0.4% at $3,320.40 a troy ounce.


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