Markets hold steady as tech gains from Meta and Alibaba offset concerns over Fed rate hikes and rising oil prices, while the Paramount-Warner Bros Discovery merger clears a major legal hurdle.
Alibaba unveiled its new Zhenwu V900 AI chip, highlighting significant performance improvements and infrastructure expansion plans.
Meta introduced a new AI model that renewed investor interest in autonomous AI agents, contributing to a rally in technology shares.
Advanced Micro Devices rose alongside other semiconductor companies as investors sought exposure to AI computing applications.
Intel shares increased as part of the broader rally in semiconductor stocks supporting AI applications.
Brent crude futures remained above $100 per barrel due to ongoing geopolitical tensions and hostilities in the Middle East affecting shipping routes.
Paramount Skydance reached a settlement with states challenging its acquisition of Warner Bros Discovery, resolving regulatory hurdles.
Warner Bros Discovery is the target of Paramount's $110 billion acquisition which has now cleared a major legal obstacle via settlement.
S&P 500 futures were broadly unchanged following a strong previous session driven by technology gains.
Nasdaq 100 futures were little changed as markets assessed mixed signals from Fed comments and corporate announcements.
Dow Jones futures were down slightly by 25 points at the time of reporting.
US stock futures remain flat as investors weigh a potential Fed rate hike against a rally in AI-linked tech stocks. Alibaba's launch of the Zhenwu V900 chip and a legal settlement for the Paramount-Warner Bros Discovery merger are driving sector-specific sentiment, while Brent crude holds above $100 per barrel amid Middle East tensions.
Oil prices are supported by ongoing geopolitical tensions in the Middle East, specifically hostilities involving Iran and Houthi militants that threaten shipping through the Bab el-Mandeb Strait.
Paramount must increase domestic film production spending by $300 million annually, meet specific film output quotas, and establish an editorial independence board for CBS and CNN.