Stock futures were taking a breather Wednesday as a record run for the major indexes faced another stern test in the form of escalating U.S.-Iran hostilities and AI spending concerns.
The U.S. said a ceasefire with Iran was holding despite the two countries trading heavy fire overnight . The intense fighting sent Brent crude above $98.
Still, the S&P 500 is looking to extend its winning streak to 10 consecutive days, which would be its longest since 1995.
"The market tone is still broadly upbeat, despite oil prices ticking higher as investors try to make heads or tails of what's going on in the Middle East," Hargreaves Lansdown said.
The AI rally could receive a boost from Broadcom later should the chip maker follow its peers in reporting strong earnings.
