S&P 500 futures were relatively unchanged on Wednesday as traders continued to move out of technology stocks and digested the latest labor market data. Futures linked to the broad market index rose 0.1%, while Dow Jones Industrial Average futures added 108 points, or 0.2%. Nasdaq 100 futures dropped 0.4%. In premarket trading, shares of Advanced Micro Devices dropped 9% after its first-quarter forecast underwhelmed some analysts, adding to the recent pressure seen in tech. Other names in the space such as Broadcom and Micron Technology dipped as well. Software stocks also continued to face pressure, with stocks like Oracle and CrowdStrike extending their losses from the prior trading day. “Bottom line, something I said back in late November, the GenAI tech trade is no longer a one way ride. We’ve transitioned it from ‘buy everything’ to ‘not everyone can win.’ I believe we are losing this trade in terms of its ability to carry the market but luckily so far investors have found other things to buy and that includes other parts of the S&P 500, small and mid cap and for sure international stocks,” said Peter Boockvar, chief investment officer at One Point BFG Wealth Partners. Meanwhile, ADP on Wednesday released its monthly look at private payroll growth for January, which showed an increase of just 22,000 on the month. That’s below the gain of 45,000 jobs that economists polled by Dow Jones had forecast. The release generally precedes the Bureau of Labor Statistics report on nonfarm payrolls, but that won’t be out this week due to the partial government shutdown. The major averages sold off on Tuesday as investors gravitated out of riskier growth names and toward cyclical stocks like Walmart. Nvidia and Microsoft each lost more than 2%. Big-name artificial intelligence infrastructure names Broadcom, Oracle and Micron also closed in the red. The tech sector was the worst performer in the S&P 500, down more than 2%. All eyes are now on Alphabet, as the company is slated to report earnings after the bell Wednesday. The quarterly results of fellow “Magnificent Seven” member Amazon are due Thursday. U.S. Treasury yields were little changed Wednesday after initially moving lower in the wake of an unexpectedly lackluster January jobs report. The 10-year Treasury yield reversed course and was down a fraction at 4.27%, while the  30-year Treasury yield dropped to 4.893%. The 2-year Treasury note yield, a reflection of the shortest-term outlook for Federal Reserve policy, was up a fraction to 3.578%. Asia-Pacific markets mostly rose Wednesday, breaking ranks with Wall Street after a sell-off in U.S. technology stocks weighed on sentiment, while gold extended gains for a second day. Japan’s Nikkei 225 declined 0.78% to close at 54,293.36, dragged by tech stocks. The Topix added 0.27% to 3,655.58. Australia’s S&P/ASX 200 reversed course and rose 0.8% to 8,927.8. South Korea’s Kospi advanced 1.57% to 5,371.1, while the small-cap Kosdaq added 0.45% to 1,149.43. Hong Kong Hang Seng index was flat at 26,847.32, while the mainland CSI 300 rose 0.83% to 4,698.68. Oil prices edged up on Tuesday, after the U.S. shot down an Iranian drone approaching a U.S. aircraft carrier and armed boats approached a U.S.-flagged vessel in the Strait of Hormuz, stoking concerns that talks aimed at de-escalating U.S.-Iran tensions could be disrupted. Brent futures rose $1.03, or 1.55%, to close at $67.33 per barrel, while U.S. West Texas Intermediate crude rose $1.07, or 1.72%, to close at $63.21. On Monday, both crude benchmarks closed at their lowest since January 26 after dropping more than 4% on the day. Gold and silver prices extended their rally on Wednesday, with analysts saying further gains will likely be determined by the direction of foreign exchange and interest rate expectations. Spot gold was up 2.4% at $5,054.6 per ounce as of 5:37 a.m. ET, while gold futures gained about 3.4%, to $5,1 . Meanwhile spot silver was up 5.8% $90 per ounce. Silver futures were up 8% at $90.16. Precious metals prices have rebounded strongly after a fall of nearly 10% for gold on Friday, and a 30% collapse in silver prices that marked the metal’s worst one-day performance since 1980.