Stock market update: Futures for the Dow, S&P 500, and Nasdaq decline as Wall Street's early 2026 surge loses momentum

US Stock Futures Decline After Volatile Trading Session

On Wednesday evening, futures for US stocks dipped as Wall Street took a breather following a turbulent day that interrupted the recent streak of gains for major indexes.

Dow Jones Industrial Average futures () and S&P 500 futures () each edged down by 0.1%, while Nasdaq 100 futures () dropped 0.2%.

During the regular session, both the S&P 500 () and the Dow () finished in the red, despite reaching fresh intraday records earlier in the day. The Nasdaq Composite () outperformed, closing slightly higher as Alphabet () shares soared over 2%. This rally briefly pushed Google's parent company ahead of Apple () in market capitalization for the first time since 2019.

Geopolitical Tensions and Market Resilience

Despite ongoing geopolitical hotspots this week, markets have shown notable stability. However, investors are increasingly alert to the risk that rising global tensions could challenge this optimism as the year progresses. Volatility was evident as oil prices retreated after President Trump announced Venezuela would send up to 50 million barrels of crude oil to the US. Additionally, the US energy secretary stated that America will oversee Venezuela's oil production for the foreseeable future.

Key Events on Investors’ Radar

• Traders are closely monitoring the Supreme Court, which is expected to issue a ruling on the legality of tariffs enacted during the Trump administration. Friday has been set as an opinion day, potentially providing the first legal response to these tariffs.
• Friday will also bring the December jobs report, a major economic indicator that will be closely analyzed, especially given the lighter schedule of government data releases.

Technology Sector in Focus at CES 2026

The CES 2026 event continues to be a pivotal source of information for technology investors. Intel () shares jumped 6.5% after unveiling its new Core Ultra 3 series chips. Artificial intelligence has been a central theme at the convention, with Thursday's agenda featuring several US senators discussing the regulatory and funding landscape for AI in the coming year.

Live Market Update

Today at 1:03 AM UTC — Rian Howlett

Alphabet Surpasses Apple in Market Value for the First Time Since 2019

Alphabet () ended Wednesday's trading session with a market capitalization that exceeded Apple () for the first time in five years. Despite this milestone, both tech giants remain more than $700 billion behind Nvidia ().

Alphabet's market value reached approximately $3.88 trillion after its stock rose over 2% to close at $322.03. Meanwhile, Apple finished the day with a valuation near $3.84 trillion, as a recent downturn has caused its shares to fall 4.7% over the past week.

This development underscores the contrasting positions of these two technology leaders in the rapidly changing AI sector. Alphabet wrapped up 2025 as one of Wall Street’s top performers, buoyed by a series of AI-related successes that have shifted investor sentiment. In 2025, Alphabet's stock soared 65%, marking its strongest annual performance since 2009. In contrast, Apple has struggled to convince investors of its AI leadership, with a major Siri update postponed until 2026.