Stock market today: Dow, S&P 500, Nasdaq futures trade flat as AI fervor meets US-Iran uncertainty

US stock futures traded flat 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) and the benchmark S&P 500 (ES=F) hugged the flat line. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) edged up 0.1%.

Palo Alto Networks’ (PANW) stock rose after its earnings, released after the market closed on Tuesday, signaled strong demand for AI cybersecurity.

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.

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.