5 Things to Know Before the Stock Market Opens on Wednesday

Stock futures are mixed this morning as the market looks to rebound from a recent slump; Dell shares are surging after the tech giant reported strong results and boosted its forecasts; AI chipmaker Broadcom and database software firm Snowflake are set to report earnings this afternoon; GitLab shares are soaring after a strong quarterly report; and MongoDB stock is tumbling despite solid results. Here's what you need to know today.

Stock Futures Are Mixed After Tuesday Sell-Off

Stock futures are little-changed after major indexes fell yesterday for the third straight session. Futures tied to the Dow Jones Industrial Average and the benchmark S&P 500 were recently up 0.3% and 0.1%, respectively, while tech-heavy Nasdaq futures slipped 0.1%. The major indexes tumbled Tuesday to kick off of September, typically the weakest month of the year for markets. WTI oil futures were down 1% at $89 per barrel, after surging the previous two days following a new wave of attacks in the Middle East. The 10-year Treasury yield was down slightly at 4.78% recently, after rising to 4.82% earlier this morning, its highest level since late 2023. Yields have surged recently amid concerns about the Iran war, inflation, the outlook for interest rates, and the government's ability to manage its $40 trillion debt. Gold futures ticked lower to $4,380 an ounce, while bitcoin was trading at $76,700, down from a high yesterday above $79,000.

Dell Stock Soars on Strong Earnings, Raised Outlook

Dell Technologies (DELL) shares are rallying this morning after the PC and server maker handily topped estimates in its second-quarter report last night. Dell said it earned an adjusted $7.04 per share in the quarter, more than tripling year-over-year and blowing past the analyst consensus of $4.91 compiled by Visible Alpha. Revenue grew by nearly 60% to $46.97 billion, also easily surpassing estimates. The company's third-quarter forecasts of $49 billion in revenue and adjusted EPS of $6.50 also beat forecasts. Dell also substantially raised its full-year sales and profit outlooks thanks to a growing AI server business that added $60.9 billion in orders in the quarter, lifting Dell's total backlog to $95 billion. Dell stock, which has more than tripled in price since the start of the year, was up 9% in recent premarket trading.

Broadcom and Snowflake Report This Afternoon

Investors will get another pair of updates on the tech sector this afternoon, with results from chipmaker Broadcom (AVGO) and database software provider Snowflake (SNOW). Broadcom is expected to report revenue of $29.49 billion and adjusted EPS of $3.24, both nearly doubling year-over-year amid strong demand for chips used to power AI products. The stock has been under pressure in recent months, erasing gains from earlier in the year amid worries about an AI bubble and Broadcom's position in the competitive AI chip market. Snowflake is seen reporting revenue of $1.48 billion and adjusted EPS of 45 cents. Shares have rallied this year thanks to strong demand for Snowflake's new AI software products, soaring more than 35% in one session following its last report in May. Broadcom shares were down slightly premarket, while Snowflake shares fell more than 2%.