1) Divergence in U.S. Stock Futures: Funds Still Digesting "Software Stock Pullback"
Before the U.S. market opens, the three major stock index futures are oscillating narrowly around flat: Dow futures slightly down, S&P 500 futures slightly up, and Nasdaq 100 futures relatively strong. The market is simultaneously digesting large tech earnings and evaluating the recent deep adjustment in the software sector and the repricing pressure brought about by the divide between "AI winners/losers."
2) Alphabet Bets Bigger on AI: Capex Could Nearly Double by 2026
One focus is Alphabet. After disclosing strong quarterly performance, the company signaled more aggressive AI investments: Management hinted that by 2026, capital expenditures could increase to approximately $175-$185 billion, primarily for data centers and computational infrastructure. Meanwhile, CEO Pichai mentioned that Gemini now has over 750 million monthly active users, indicating that AI products are more widely penetrating search and enterprise sectors.
3) Amazon to Report Post-Close: AWS Growth and AI Spending Under Scrutiny
Another major event is Amazon's earnings. Investors are primarily focusing on two aspects: the quality of AWS growth and enterprise client demand; and capital expenditures around AI and data center expansion pace. Market consensus (Bloomberg) suggests AWS net sales are expected to grow approximately 21% year-over-year (excluding currency impact) during the key holiday season, with the company's overall net sales and earnings also anchoring short-term sentiment.
4) Central Bank Day: ECB and BoE Expected to "Sit Tight," Inflation Decline Makes Wording Crucial
On the macroeconomic front, the European Central Bank is expected to keep rates unchanged near 2% for the fifth consecutive time, and with Eurozone inflation falling to 1.7%, the market is more focused on their statement about "whether further easing is needed." The Bank of England is also widely expected to maintain 3.75%, with the core issue being: signs of weakening growth and employment are increasing, but sticky inflation still makes policy shifts difficult and swift.
5) Gold and Silver Pullback: Dollar Strength Exerts Pressure, Silver Plummets 16% in Asian Session
In commodities, precious metals are under renewed pressure. The stronger dollar combined with upcoming central bank decisions led to a pullback in gold prices from previous rebounds; silver was more volatile, with spot silver plunging about 16% during Asian trading to around $73.56. This downturn is interpreted as spillover from futures market selling pressure to the spot market chain reaction. Market participants also caution that precious metals remain sensitive to the dollar and yield repricing, possibly entering a more "push-pull" two-way fluctuation phase in the short term.
