S&P 500 and Nasdaq 100 futures rose on Thursday following two straight days of heavy selling in technology stocks, as dip buyers stepped in and as investors weighed the latest earnings results. In extended trading, Google-parent Alphabet slid more than 1% after flagging a sharp increase in AI spending this year, a move that nonetheless buoyed AI-linked names such as Nvidia (1.9%) and Broadcom (6.5%). In regular trading on Wednesday, the S&P 500 and Nasdaq Composite fell 0.51% and 1.51%, respectively, dragged down by losses in software stocks amid concerns that AI could disrupt the sector’s business models. By contrast, the Dow Jones rose 0.53% as investors rotated out of tech and into more reasonably valued sectors. Softer macro signals provided little support, with the ADP report showing private payroll growth slowed sharply to just 22K in January, reinforcing signs of cooling labor demand.

WTI crude futures fell more than 1% toward $64 a barrel on Thursday, snapping a two-day advance after Tehran confirmed it would hold talks with Washington this week, easing concerns that a broader conflict could disrupt oil flows. Iranian Foreign Minister Abbas Araghchi said discussions will take place in Oman on Friday, while a White House official confirmed that the US and Iran still plan to engage on a potential nuclear deal. Uncertainty remains over the scope of the negotiations, with Tehran seeking to confine talks to its nuclear program, while Washington wants to broaden the agenda to include Iran’s ballistic-missile program, support for regional militant groups and human rights issues. Oil had rallied over the previous two sessions as rising Middle East tensions lifted the geopolitical risk premium.

The ISM Services PMI for the US steadied at 53.8 in January 2026, the same as a downwardly revised 53.8 in December and better than forecasts of 53.5. The reading pointed to another robust expansion in the services sector, with a faster increase seen for business activity/production (57.4 vs 55.2) while new orders (53.1 vs 56.5), employment (50.3 vs 51.7) and supplier deliveries (54.2 vs 51.8) slowed. Inventories (45.1 vs 54.2) and backlog of orders (44 vs 42.6) remained in contraction but price pressures increased (66.6 vs 65.1). "There was more respondent commentary in January on tariff impacts and uncertainty, potentially the result of annual contract renewals and geopolitical tensions. Gasoline and diesel fuel continued to be cited as commodities down in price. With the highest Business Activity and Supplier Deliveries index readings since October 2024, whether pricing increases will stick or expand needs to be closely watched”, according to Steve Miller, Chair of the ISM.

US natural gas futures rose almost 5% to $3.46 per million British thermal units on Wednesday, supported by higher flows to liquefied natural gas export plants. Average gas flows to the eight largest US LNG export terminals rose to 18.3 bcfd so far in February, up from 17.8 bcfd in January, approaching December’s record of 18.5 bcfd. The US became the world’s largest LNG exporter in 2023 as global demand surged following supply disruptions linked to Russia’s 2022 invasion of Ukraine. Temperatures are expected to be mostly warmer than normal through February 19, though the Northeast will remain below average for another week. Average gas production in the Lower 48 states edged up to 106.4 bcfd in February from 106.3 bcfd in January. Analysts expect that heavy withdrawals during last week’s Arctic blast reduced storage from about 5% above normal to roughly 1% below normal, maintaining near-term supply pressures.

Gold pared earlier gains on Wednesday to trade just under the $5,000 mark, as investors assessed fresh US economic data and its implications for the Federal Reserve’s policy path, particularly after President Trump nominated Kevin Warsh as the next Fed chair. With key labor-market releases delayed this week, attention turned to the ADP report, which showed private payroll growth undershooting expectations, while a stronger-than-forecast ISM services PMI pointed to resilient activity in the sector. Bullion had surged more than 6% in the prior session, its biggest daily jump since 2008, after dip buyers stepped in following a sharp pullback earlier in the week. Safe-haven demand also remained supported by geopolitical tensions after US forces downed an Iranian drone near an aircraft carrier in the Arabian Sea, though the White House said US-Iran talks are still scheduled for Friday.

The S&P Global Canada Composite PMI recorded 46.4 in January 2026, down from 46.7 in December and remaining below the 50.0 no-change mark for a third straight month. Manufacturing stabilised in January, while services fell to 45.8 from 46.5, with the latter the main driver of the downturn. New business volumes declined for a fourteenth consecutive month and continued to weigh on output. Backlogs of work decreased markedly again as firms were easily able to keep on top of workloads. Employment contracted for a fifth successive month, albeit modestly, as firms pared staff or chose not to replace leavers. Business confidence softened since December and remained well below trend. On the price front input cost inflation softened to its softest rise since November 2024, while output charge inflation remained solid and little-changed compared with December.