Dow, S&P 500, Nasdaq futures tick down with Supreme Court tariff case,

US stock futures wobbled below the baseline Wednesday night, as investors weighed easing concerns over lofty AI valuations and drew optimism from a Supreme Court hearing that hinted at a possible setback for President Donald Trump’s tariff policy.

S&P 500 (ES=F) and Dow Jones Industrial Average futures (YM=F) hovered near the flatline while Nasdaq 100 futures (NQ=F) inched down 0.1%.

The market took note of skepticism from several Supreme Court justices during arguments on the legality of Trump’s sweeping trade tariffs. A ruling against the policy could roll back the duties with enormous impact on international trade as well as domestic spend.

Meanwhile, AI-related stocks staged a comeback after a sharp pullback to start the week. Advanced Micro Devices (AMD) surged more than 2% after topping Wall Street expectations for its third-quarter earnings, helping lift other chip names like Broadcom (AVGO) and Micron Technology (MU), which rose 2% and 9%, respectively.

The rebound in AI shares helped the broader market recover from early-week weakness that left all three major indexes on pace for weekly declines, although fears of an AI bubble have not fully abated with AI expenditure still at sky-high levels.

Earnings season remains in focus, with reports from WBD (WBD), Airbnb (ABNB), and pharmaceutical and biotech firm Moderna (MRNA), due Thursday. Investors will also be eyeing the outcome of Tesla’s (TSLA) shareholder meeting at 4pm ET to discuss Musk’s proposed trillion dollar pay package.