S&P 500 futures are up around 0.5–0.6% after three straight down days, though the cash index remains negative week-to-date and is slightly down year-to-date for 2026.

Dow Jones Industrial Average futures are higher by roughly 0.5–0.6% after a 400+ point slide yesterday, with the index still off recent record highs.

Nasdaq 100 futures are up about 0.6–0.7%, stabilizing after a roughly 4–5% three-day drop that marked the sharpest tech pullback since last April.

Amazon is under pressure, dropping sharply after weaker-than-expected Q4 earnings and unveiling an enormous roughly USD 200 billion 2026 capex plan heavily tilted to AI and cloud, which is stoking concerns about margins and overinvestment.

Alphabet is also in focus after boosting its own capex plans, adding to worries that AI spending arms races may weigh on free cash flow across megacap tech.

Reddit is jumping in premarket trade after beating Q4 expectations and guiding positively, helped by monetization and AI-related tools that are drawing more advertisers.

Roblox, Coty, and other recent reporters are seeing notable moves around their earnings prints, while select healthcare names like Eli Lilly and Molina are on watch following results and guidance updates.

Crypto‑linked equities such as MicroStrategy and major trading platforms bounced after being hit by Bitcoin’s biggest single‑day drop since 2022, as the token stabilizes back above the mid‑60,000s.

The dominant theme is AI: several days of selling have been driven by fears that disruptive AI trends could hurt incumbent software and cloud players, while at the same time megacaps are committing to massive AI capex that may pressure profitability.

Amazon’s earnings miss and aggressive spending plan, alongside Alphabet’s higher capex, crystallized concerns that the AI build‑out may be entering a more expensive, lower‑margin phase of the cycle.

Recent data, including positive U.S. jobless claims figures, is keeping hopes alive for a potential Fed rate cut around March, but markets remain highly sensitive to each incremental growth and inflation datapoint.

Oil prices are ticking higher by over 1% amid ongoing U.S.–Iran talks and broader geopolitical jitters, adding a mild upside risk to inflation expectations.

Bitcoin’s sharp slide and subsequent stabilization are contributing to cross‑asset volatility, spilling over into highly levered or thematic names tied to digital assets.

Overall tone is cautious rather than outright risk‑off: futures strength shows dip‑buying interest after several down sessions, but the S&P 500 and Nasdaq are on track for weekly losses and investors are more selective in adding tech risk.

The prevailing narrative is that the bull market is still intact but “maturing,” with markets increasingly differentiating between companies that can convert AI and heavy capex into earnings growth and those that may just see margin drag.

Positioning is tilting toward resilient, lower‑risk profiles—defensives, quality balance sheets, and diversified cash flows—as traders navigate AI uncertainty, mega‑cap spending, and the path of Fed policy into the spring.