US stock futures traded mixed early Wednesday as Wall Street weighed the promise of the AI trade against fragile US-Iran negotiations.
Futures attached to the Dow Jones Industrial Average (YM=F) fell 0.3%, while those tied to the benchmark S&P 500 (ES=F) slipped by about 0.1%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) edged up 0.2%.
Wall Street has cheered a number of strong earnings reports lately, including from Dell (DELL) and HPE (HPE), which have shown AI significantly boosting business. That backdrop helped lift stocks to fresh records on Tuesday, even as US talks with Iran continue with no clear end in sight.
Earlier this week, as doubts were circulating that US-Iran negotiations were on ice, President Trump took to social media to reassure that they were continuing “at a rapid pace.” Now, however, Israel’s military campaign against Hezbollah in Lebanon has become a new hurdle to reaching a lasting deal to end the war and open the Strait of Hormuz.
The growing strains on the ceasefire sent oil prices on a continued ascent Wednesday, with WTI crude (CL=F) rising above $96 a barrel and Brent crude (BZ=F) hovering around $98.
On Wednesday, earnings season continues to wrap up, with Broadcom (AVGO), CrowdStrike Holdings (CRWD), and Macy’s Inc. (M) set to report their results.
Investors will also receive ADP employment data on Wednesday in the run-up to Friday’s release of the May jobs report.
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SpaceX aiming for $135 a share in $75 billion IPO
Bloomberg reports:
SpaceX aims to sell 555.6 million shares at $135 apiece for its record-breaking $75 billion initial public offering, Reuters reported, citing an unidentified person familiar with the matter.
The report indicates SpaceX is breaking from the traditional IPO process, whereby companies typically announce a price range before marketing the shares during investor roadshows, and set the price before trading begins. SpaceX didn’t immediately respond to a request for comment.
SpaceX’s Starship rocket lifts off during a test flight from Starbase, Texas, Friday, May 22, 2026. (AP Photo/Eric Gay) · AP Photo/Eric Gay AI rivals OpenAI and Anthropic PBC look to forge ahead with listings of their own, while Alphabet Inc. (GOOG) — which has its own large language models and AI infrastructure businesses — revealed plans for a record $80 billion equity offering on Monday.
The SpaceX deal would be the largest IPO on record, more than doubling the $29.4 billion raised by Saudi Aramco in 2019.
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