U.S. stock futures were mixed early Wednesday, with the Dow Jones Industrial Average pointing lower while the S&P 500 and tech-heavy Nasdaq 100 edged higher, as technology shares attempted to recover from Tuesday’s global selloff and President Donald Trump opened a new front in his battle against inflation by ordering a probe into gasoline prices.

In a Truth Social post early Wednesday, Trump accused major oil companies of failing to pass lower crude prices on to consumers and said he had directed the Justice Department to investigate potential price gouging. “Gasoline prices better start going down a lot faster than what I’m seeing!” Trump wrote, though he did not identify specific companies.

As of early trading, Dow futures slipped 0.1%, while S&P 500 futures gained 0.1% and Nasdaq 100 futures climbed 0.5%, signaling a cautious attempt by investors to buy back into technology shares after Tuesday’s sharp decline.

The previous session was dominated by a selloff in semiconductor stocks that rippled across global markets. The S&P 500 fell 1.44%, while the Nasdaq Composite dropped 2.21%. The Dow managed to outperform, slipping just 0.09% as investors sought safety in defensive names including Walmart and IBM.

The latest market narrative remains tied to the aftermath of the U.S.-Iran conflict. Oil prices, which surged when fighting disrupted traffic through the Strait of Hormuz, have reversed sharply as shipping routes reopen. Brent crude has fallen below $76 per barrel, retreating to levels last seen before the conflict escalated.

That decline has not yet fully reached consumers at the pump, fueling Trump’s criticism. Energy analysts noted that retail gasoline prices typically lag movements in crude oil due to refining, transportation, and tax costs. Karen Young of Columbia University’s Center on Global Energy Policy described Trump’s comments as largely political pressure, noting that pump prices often take weeks to reflect lower crude costs.

Overseas markets found firmer footing after Tuesday’s turmoil. South Korea’s Kospi surged more than 3%, recovering part of the prior session’s steep decline, while Japan’s Nikkei 225 slipped 0.88%. Europe’s Stoxx 600 traded little changed as investors weighed growth concerns against falling energy prices.

Market movers

FedEx tumbled roughly 6% in premarket trading after delivering better-than-expected quarterly results but issuing a cautious outlook. The shipping giant cited higher transportation expenses and uncertainty surrounding trade policy, a warning that drew attention because FedEx is widely viewed as a barometer of global economic activity.

Cerebras Systems dropped about 11% after reporting its first earnings as a public company. The AI chipmaker posted strong revenue growth but larger-than-expected losses and warned that margins would remain below those of rivals including Nvidia.

Micron Technology rose approximately 5% ahead of earnings scheduled after Wednesday’s closing bell. Investors are closely watching the memory-chip producer for fresh evidence that demand tied to artificial intelligence remains robust after a year-long rally in semiconductor shares.

Elsewhere, Intel and Qualcomm each gained about 2% following Tuesday’s selloff, while Alphabet advanced after news it will join the Dow Jones Industrial Average next week. Homebuilder KB Home climbed roughly 3% after surpassing revenue expectations.

Commodities and volatility

Oil remained the market’s most closely watched commodity. WTI crude traded near $73 per barrel, while Brent crude hovered below $76, reflecting expectations that energy supplies will continue to normalize as shipping traffic resumes through the Persian Gulf.

In fixed-income markets, the 2-year Treasury yield remained near its highest level since early 2025 as investors continued to price in the possibility that the Federal Reserve, under Chair Kevin Warsh, could resume rate hikes later this year. Higher yields have created additional pressure on richly valued technology companies.

Investors now turn their attention to Micron’s earnings report, which many view as the next major test of the AI investment boom. Economic data due Wednesday include new-home sales, building permits, and earnings from payroll processor Paychex. Later this week, markets will receive the Fed’s preferred inflation measure, a report that could help determine the next move for interest rates.

For now, Wall Street appears caught between two powerful forces: optimism surrounding artificial intelligence and lingering concerns over inflation, rates, and consumer costs. Wednesday’s mixed futures suggest investors are willing to buy the dip—but not without caution.

JBizNews Desk | New York
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