U.S. stock futures were up on Wednesday as traders weighed the latest round of earnings reports. S&P 500 futures gained 0.2% and Nasdaq-100 futures added 0.6%. Dow Jones Industrial Average futures climbed 37 points, or 0.1%. Shares of Elon Musk’s SpaceX surged 7% in premarket trading after the company said its revenue grew 161% in the third quarter. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla, which is due to report earnings later, was up more than 1%. Netflix shares, however, tumbled more than 6% after the streaming mainstay’s full-year revenue forecast came in below analysts’ expectations. The company also cut its ad revenue guidance for the full year. Stocks had a mixed day on Tuesday. The Dow Industrials advanced nearly 530 points, or 1%, buoyed by a post-earnings jump in 3M. Shares gained more than 5% after the industrial products company raised its full-year guidance for profit. The S&P 500 gained 0.3%, while the Nasdaq Composite ended the session marginally lower. Investors are seeking more insights into the AI trade on Wednesday, with Meta Platforms also set to report after the bell. Earlier this month, the company rolled out its latest AI model, Muse Wonder, which is only available to paying users. Concerns around the sustainability of the AI trade have weighed on market sentiment lately, with traders focusing on debt-backed AI investments and whether the infrastructure demand justifies companies’ spending. Data storage play: Seagate Technology added 2% in Tuesday’s regular trading, while neocloud stock, CoreWeave, advanced more than 1%. This earnings season could help propel stocks as the year winds down, according to Christian Mueller-Glissmann, head of asset allocation for Goldman Sachs Research. “Near term there might be more volatility due to [artificial intelligence] concerns, Middle East tensions, and midterm elections, but we think earnings support with lighter positioning and lower valuations should help equities into year-end,” he wrote in a note. Traders are also watching for results from IBM and Southwest Airlines, also due Wednesday. Treasury yields steadied on Wednesday as investors awaited fresh data for insights into the U.S. economic picture ahead of next week’s Federal Reserve interest rate decision. The yield on 10-year U.S. Treasuries—the main benchmark for mortgages, auto loans, and credit card debt—was down more than 1 basis point at 5.098%. The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate decisions, shed less than 1 basis point to 4.778%. The yield on longer-dated 30-year U.S. Treasurys—which often moves on geopolitical developments—moved more than 1 basis point lower to 5.409%. In Asia, Japan’s Nikkei 225 added 0.85%, and South Korea’s Kospi gained 3.29%. Hong Kong’s Hang Seng index was down 0.92% in its last hour of trade. Australia’s S&P/ASX 200 ended the day 0.16% higher. Oil prices were little changed Wednesday as worries over Middle East supply disruptions keep the market on edge, with attacks on tankers near the Strait of Hormuz and Saudi energy facilities denting sentiment. Brent crude futures lost 17 cents to $108.62 a barrel as of 8:47 a.m. ET, while U.S. West Texas Intermediate crude rose 8 cents to $97.90 a barrel. Gold prices held ​steady on Wednesday after ​touching their lowest level in nearly a week, as a rally in oil prices revived inflation concerns while investors awaited next week’s Federal Reserve meeting for ⁠clues ‌on the interest rate outlook. Spot gold was at $4,127.53 an ⁠ounce after hitting its lowest since October 15 in earlier trade. U.S. gold futures for December delivery rose 0.1% to $4,145.70 an ounce. “Gold has adhered to the downtrend ‌that began 2 months ago on persistent expectations that more Fed rate hikes are in store,” said Han Tan, chief market analyst ​at Bybit. While gold has long served as an inflation hedge, its lack of yield makes it less attractive when interest rates rise.