S&P 500 futures slip as gold prices surge, traders weigh tech giants' earnings: Live updates

S&P 500 futures slipped Wednesday evening as gold prices climbed. Traders also mulled over the release of earnings reports from major tech firms and the latest Federal Reserve rate decision.

Futures linked to the broad market index dropped 0.2%. Dow Jones Industrial Average futures tumbled 145 points, or 0.3%. Nasdaq 100 futures were near the flatline.

Spot gold surpassed the $5,500 mark in overnight trading, and it was last up nearly 2%. The yellow metal, long viewed as a safety asset, has been surging to new records as the U.S. dollar continues to slide.

In extended trading, Meta Platforms added 7% after the Facebook parent gave a stronger-than-expected first-quarter sales forecast. Microsoft shares fell 6% as cloud growth slowed in the fiscal second quarter and the company gave soft guidance on operating margin in the fiscal third quarter. Tesla shares advanced 1% after the company's fourth-quarter results beat expectations.

In Wednesday's regular session, the S&P 500 briefly topped the 7,000 threshold, but ultimately ended the day little changed after the Fed kept its benchmark interest rate at a range of 3.5% to 3.75%. The 30-stock Dow added just 12 points. The tech-heavy Nasdaq Composite climbed about 0.2%, aided by advances in Nvidia and Micron Technology.

In its post-meeting statement, the policy-setting Federal Open Market Committee said that indicators are suggesting that "economic activity has been expanding at a solid pace" and that the unemployment rate "has shown some signs of stabilization." Still, fed funds futures trading are still pricing in two quarter percentage point cuts by the end of 2026, according to the CME FedWatch Tool.

"The Fed statement was largely as expected, and markets tend to move on surprises," said Sameer Samana, Wells Fargo Investment Institute head of global equities and real assets. "We are looking to earnings and economic data to drive the next leg higher, but also would not be surprised to see some midterm-elections related volatility in 2026."

Investors are awaiting Apple's fiscal first quarter earnings report on Thursday after the bell. Mastercard, Caterpillar and Lockheed Martin are also set to post results.

On the economic front, traders will be watching for weekly jobless claims, durable orders and wholesale inventories.

Spot gold surpassed $5,500 per ounce overnight on Wednesday night.

The yellow metal, long viewed as a safety asset, has been on a hot streak as of late. Earlier Wednesday, gold traded above $5,300 and ended the session up after the Federal Reserve held steady on interest rates.

The run higher in gold is occurring as the U.S. dollar weakens. On Tuesday, the greenback posted its worst one-day decline since April 2025, touching its lowest level since February 2022.

Tesla CEO Elon Musk said on Wednesday that the automaker is ending production of its Model S and X vehicles, and will use the factory in Fremont, California, to build Optimus humanoid robots.

"It's time to basically bring the Model S and X programs to an end with an honorable discharge," Musk said on the company's fourth-quarter earnings call. "If you're interested in buying a Model S and X, now would be the time to order it."

The two models are Tesla's oldest vehicles, and in recent years the company has slashed prices as global competition for electric vehicles has soared. Tesla started selling the Model S sedan in 2012, and the Model X SUV three years later. Tesla's far more popular models are the 3 and Y, which accounted for 97% of the company's 1.59 million deliveries last year.

In its earnings announcement on Wednesday, Tesla reported its first annual revenue decline on record, with sales falling in three of the past four quarters.

Shares of Tesla were 2.3% higher in extended trading Wednesday.

Check out the companies making headlines in after-hours trading.

Nasdaq 100 futures gained 0.4% shortly after 6 p.m. ET on Wednesday, lifted by strong earnings results from major tech giants. Futures tied to the S&P 500 rose 0.1%. Futures tied to the Dow Jones Industrial Average dipped 58 points, or about 0.1%.