U.S. stock futures remained largely unchanged early Wednesday, following a session that saw the S&P 500 and Nasdaq Composite reach new record highs. The market momentum was primarily driven by a surge in the technology sector, which propelled the Nasdaq up 1.19% and the S&P 500 up 0.61% during Tuesday’s regular trading session. Conversely, the Dow Jones Industrial Average experienced a slight decline, shedding 0.23% of its value.

Investor sentiment was bolstered by Micron Technology, which saw its shares jump 19%, pushing the company’s market capitalization past the $1 trillion milestone. Global markets also reacted to geopolitical developments, with Japan’s Nikkei 225 and South Korea’s Kospi hitting fresh record highs as investors monitored ongoing ceasefire discussions between the U.S. and Iran. In South Korea, SK Hynix also surpassed a $1 trillion valuation, fueled by sustained demand for artificial intelligence-linked semiconductors, while Samsung Electronics saw gains following the approval of a new wage agreement that averted a potential strike.

Despite the current optimism, some analysts are urging caution regarding the sustainability of the market’s upward trajectory. Concerns over rising Treasury yields and persistent inflation expectations have led some experts to suggest that the potential for further significant gains in the S&P 500 may be limited for the remainder of the year. Meanwhile, individual stocks continue to react to corporate news; Zscaler shares fell 19% in extended trading following a weaker-than-expected revenue forecast, and Insulet dropped 8% after announcing a voluntary medical device correction.

Looking ahead, the market is bracing for a busy earnings calendar, with companies such as Bank of Montreal, Abercrombie & Fitch, and Dick’s Sporting Goods scheduled to report results. Additionally, Dell remains in focus as analysts raise price targets ahead of the company’s upcoming fiscal first-quarter earnings report, citing strong growth potential in enterprise AI and server demand.