Amazon

The Dow Jones Industrial Average ended flat as rate-hike risk returned to the center of market debate following Kevin Warsh’s Jackson Hole remarks. Industrials weakened under pressure from higher yields, while Amazon, Apple and Microsoft helped cushion the index.

Natural gas futures finished higher as LNG feedgas climbed and heat supported near-term demand. However, elevated inventories, resilient production and incoming Permian supply continue to limit bullish conviction.

Amazon’s strong move and lower oil prices helped support major stock indexes, while semiconductor weakness kept the rally uneven. Strong ISM manufacturing signals put the focus back on the Fed and Friday’s payrolls report.

Amazon and Microsoft reignited confidence in AI spending after strong cloud-driven earnings moves, helping stabilize a battered technology trade. Yet Apple’s guidance-driven slide, weak semiconductor follow-through and renewed Federal Reserve concerns leave the Nasdaq recovery still unproven.

Nasdaq-100 futures fell as a semiconductor selloff that began on Wall Street moved through Asia and hit U.S. chip shares before the open. Investors are turning to upcoming earnings from Amazon, Meta, Microsoft and Apple for evidence that AI spending can support elevated valuations.

Stock futures opened the week with a firmer tone as crude oil retreated, easing pressure on yields and giving technology buyers room to re-enter. The move now faces a heavy test from the FOMC decision and earnings from Amazon, Apple, Meta and Microsoft.

The S&P 500 is positioned to rebound after extending its short-term consolidation, with futures retracing much of the prior sharp decline. Traders remain focused on Middle East tensions, oil prices, this week’s major technology earnings and Wednesday’s FOMC policy decision.