Stock futures fell Wednesday after mixed quarterly figures from Alphabet and chipmaker AMD led the tech sector lower. A decline in Apple also put pressure on futures. S&P 500 futures and Nasdaq 100 futures slid 0.3% and 0.7%, respectively. Dow Jones Industrial Average futures was lower by 51 points, or 0.1%. Alphabet shares tumbled 7% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap tech company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short. “These companies, the hyper scalers, are damned if they do and damned if they don’t, because they have to spend a lot to remain competitive, but they are cutting into their cash flow,” Bank of America’s Savita Subramanian said Tuesday on CNBC’s “Fast Money.” “I don’t think it’s game over for big cap tech. I think these are big companies with lots of optionality. They can do what they did in 2023, cut costs, they can shore up balance sheets, do big buybacks, and they’re doing a lot of that,” the firm’s head of U.S. equity and quantitative strategy continued. “But they have to hire more, they have to spend more. It’s not the same profit story that it used to be.” AMD shares were also lower by 10% after the company’s fourth-quarter data center revenue came up short of expectations. The Technology Select Sector SPDR Fund shed 0.2% in the premarket as a result. Adding to techs troubles was Apple, which dropped 2% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies. This comes amid heightened trade tensions between China and the U.S. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China then retaliated with tariffs of up to 15% on U.S. goods. Wall Street is coming off a positive session. The Nasdaq Composite and S&P 500 rose Tuesday, gaining nearly 1.4% and 0.7%, respectively. The 30-stock Dow climbed 134 points, or 0.3%. The S&P 500 and Nasdaq were bolstered in part by strong results from Palantir, which hit a fresh record high during the session. The yield on the 10-year Treasury slid on Wednesday as traders digested fresh ADP payroll data as they look for clues on the health of the U.S. economy. The benchmark yield was down 5 basis points to trade at 4.462%, while the 2-year Treasury yield fell 2 basis points to 4.193%. On Wednesday, ADP reported that private payrolls expanded by 183,000 jobs in January, above the 150,000 gain that economists polled by Dow Jones had penciled in. January’s reading is also just above the 176,000 jobs created in December. Investors are now looking ahead to the January nonfarm payrolls report, which is due to be published on Friday and will provide insights into the employment picture. Asia-Pacific markets mostly rose Wednesday after Wall Street rose overnight, shrugging off Trump tariffs and China’s retaliatory measures. All eyes are on China, which resumed trading after the Lunar New Year holidays and as the Chinese government announced tariffs on U.S. imports in retaliation to duties on its exports. Mainland China’s CSI 300 Index started the day up, but reversed course to fall 0.58% to close at 3,795.08. Hong Kong’s Hang Seng index was down 0.97% in its final hour of trade. Japan benchmark Nikkei 225 rose 0.09% to close at 38,831.48 while the broader Topix index gained 0.27% to close at 2,745.41. South Korea’s Kospi rose 1.11% to close at 2,509.27 and the small-cap Kosdaq gained 1.54% to close at 730.98. Over in Australia, the S&P/ASX 200 rose 0.51% to end the day at 8,416.90. Oil prices dipped on Wednesday as rising U.S. stockpiles and concern about a new Sino-U.S. trade war fuelled fears of weaker economic growth, offseting U.S. President Trump’s renewed push to eliminate Iranian crude exports. Brent crude futures were down 86 cents, or 1.1%, at $75.34 a barrel. U.S. West Texas Intermediate crude (WTI) lost 80 cents, or 1.1%, to $71.90. Oil on Tuesday traded in a wide range, with WTI falling at one point by 3%, its lowest since Dec. 31, after China announced tariffs on U.S. imports of oil, liquefied natural gas and coal in retaliation to U.S. levies on Chinese exports. Gold prices hit a record high on Wednesday, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on U.S. imports in a response to new U.S. duties on Chinese goods. Spot gold was up 0.2% at $2,848.69 per ounce, as of 0253 GMT, after hitting a record high of $2,853.97 earlier in the session. U.S. gold futures gained 0.2% to $2,879.70.