Wall Street futures tick lower after record highs; HPE soars

U.S. stock futures edged lower in premarket trading on Tuesday after Wall Street’s latest run to record highs, with investors weighing a sharp jump in Hewlett Packard Enterprise and fresh reports about Alphabet’s AI spending plans.

Reuters reported that S&P 500 and Nasdaq 100 futures were slightly lower after both benchmarks closed at record levels in the prior session.

HPE was a standout mover before the opening bell. The company said on Monday that it posted record fiscal second-quarter revenue of $10.7 billion, lifted its full-year fiscal 2026 revenue growth outlook to 29% to 33%, and raised its non-GAAP earnings forecast to $3.35 to $3.45 a share. HPE also said its updated outlook is ahead of what it had previously projected for fiscal 2028.

The results added to a broader theme of demand tied to artificial intelligence infrastructure. Reuters separately reported that Alphabet is looking to raise $80 billion in equity offerings, including an investment from Berkshire Hathaway, to help fund AI infrastructure expansion.

The combination of strong company-specific news and a still-tense market backdrop left futures slightly softer even as investors continued to digest the impact of record-setting index closes and powerful earnings-driven stock moves.

What to watch

The key question is whether the premarket tone holds into the cash open and whether the HPE rally extends after the bell. Traders will also be watching for any additional detail on the reported Alphabet financing plans and for any broader market catalyst that could outweigh the AI-led earnings reaction.