S&P500 and Nasdaq 100: US Indices Gain as Alphabet Ruling Lifts Tech Stocks Today

U.S. equity futures were mixed but leaning higher Wednesday after Alphabet avoided major penalties in a closely watched antitrust case. S&P 500 futures rose 0.4%, while Nasdaq-100 futures gained 0.7%, lifted by Big Tech strength. Dow futures slipped 89 points, or 0.2%, weighed down by underperformance in energy and financials.

A federal judge ruled that Alphabet can retain its Chrome browser and continue its default search deal with Apple, but must stop signing exclusive agreements and begin sharing certain data. The decision avoided a worst-case regulatory outcome, reinforcing the view that rising AI competition offsets monopoly concerns. Alphabet shares jumped over 6% in premarket trade, while Apple added more than 3%.

Elsewhere in tech, Zscaler rose 2% after beating fiscal Q4 earnings and revenue estimates and guiding higher for the current quarter. Vir Biotechnology gained more than 2% after Evercore ISI initiated coverage with an “outperform” rating, citing a turnaround setup. Dollar Tree fell over 7%, as traders booked profits following a sharp multi-month rally despite a solid earnings beat. Six Flags dipped 2% after a downgrade from Truist.

Retail and Resources Diverge as Macy’s Soars, Teck Lags

Macy’s rallied over 13% after posting stronger-than-expected Q2 results—adjusted EPS of 41 cents on $4.81 billion in revenue, well ahead of expectations. The retailer also raised its full-year forecast, offering a rare bright spot for consumer-facing names under pressure.

Meanwhile, Teck Resources fell nearly 2%, even after UBS upgraded the stock to “buy.” The Canadian miner has shed over 15% in the past three months, with traders cautious on the demand outlook for industrial metals.

Where Does the S&P 500 Sit Technically After the Pullback?

After slipping from a recent high of 6,523.00, the S&P 500 E-mini futures are now holding near their 50-day simple moving average, currently at 6,365.6. That level has acted as trend support through several pullbacks, including tests near 6,362.75 and 6,239.50.

A clean break below the 50-day would open the door to deeper downside toward the 6,059.00 level marked by the 200-day moving average. For now, bulls are defending key territory.