Chip Stocks Rebound as Gold and Oil Rise on Middle East Risks

U.S. stock futures edged lower on Wednesday as investors awaited another busy day of corporate earnings, particularly from major technology and industrial companies. Dow futures slipped 51 points, while S&P 500 and Nasdaq-100 futures fell 0.1% and 0.3%, respectively. Despite the weaker futures, Wall Street ended Tuesday higher, snapping a three-day losing streak.

Asian markets traded mixed, with South Korea‘s Kospi surging more than 5%, Japan’s Nikkei gaining 0.3%, and Hong Kongs Hang Seng declining 0.6%. Investors are now focused on earnings from Alphabet, Tesla, IBM, Texas Instruments, and ServiceNow for insights into AI spending, cloud demand, and corporate technology investment.

Brent crude continued to rise as the conflict between the United States and Iran threatened additional disruption to regional energy routes.

Brent initially traded around $91.51 before extending its advance. September Brent futures subsequently reached approximately $92.39, with an intraday high near $92.67. The move above $90 confirms that geopolitical risk is once again being priced directly into the energy market.

Gold climbed 1.6% to approximately $4,139 per ounce, reaching its highest level since July 7. The rally was driven by technical buying, renewed safe-haven demand, and investor positioning ahead of next weeks Federal Reserve meeting. August U.S. gold futures rose 1.7% to $4,144.

The Federal Reserve is widely expected to keep interest rates unchanged during the remainder of 2026.