U.S. stock futures rose early Wednesday as traders reviewed a new batch of corporate earnings and prepared for Meta Platforms to report after the closing bell. SpaceX shares jumped in premarket trading on strong quarterly results and news of merger talks with Tesla, while Netflix slid on weak revenue guidance. Intuitive Surgical fell after disclosing a $450 million antitrust matter, and Capital One gained on plans to step up marketing spending.

S&P 500 futures gained 0.11% and Nasdaq-100 futures added 0.44%, while Dow futures slipped almost 0.1%, or 42 points. The cautious open followed a strong session on Tuesday, when the Dow Industrials advanced nearly 530 points, or 1%, the S&P 500 rose 0.3%, and the Nasdaq Composite finished marginally lower.

SpaceX Jumps on Revenue Surge and Tesla Merger Talks

SpaceX shares surged about 9% in premarket trading, with some early readings showing the stock up as much as 10%. The rocket and AI company said its revenue grew 161% in the third quarter and beat analyst expectations for earnings.

Chief Executive Elon Musk said SpaceX and Tesla have formed committees to explore a possible merger. Tesla shares rose more than 2% in premarket trading ahead of their own earnings report, which is due after the close on Wednesday. Committees to study a combination mark an early, exploratory stage; any transaction would still require board, shareholder, and regulatory approvals, and Tesla's earnings call after the close will provide an opportunity for management to comment on the process.

Netflix Falls on Weak Guidance and Slowest Growth in Three Years

Netflix shares dropped about 6% in premarket trading. The streaming company beat Wall Street's third-quarter earnings target but issued weak revenue guidance and reported its slowest sales growth in three years. The report did not ease concerns about slowing engagement on the platform. Investors will be watching management's commentary for answers on engagement trends and the revenue path ahead.

Intuitive Surgical fell 7.6% even though its third-quarter results topped analyst estimates. The surgical robot maker disclosed a $450 million antitrust matter and narrowed its outlook for procedure growth. That metric matters because much of a surgical robot maker's recurring revenue is tied to how often its installed robots are used.

Capital One gained 3.3% after its earnings call, telling investors it will spend more on marketing as rivals step up their own efforts.

On Tuesday, 3M climbed more than 5% after the industrial products company raised its full-year profit guidance.

Meta Results and the AI Trade in Focus

Meta shares slipped 0.3% before the opening bell. The company is the first Big Tech hyperscaler to report this earnings season, and Wall Street will be watching its capital spending guidance closely given the heavy AI investment across the sector. Its outlook will serve as an early read on how much Big Tech intends to keep spending on AI infrastructure, with implications for the names at the center of the AI trade.

Earlier this month, Meta rolled out its latest AI model, Muse Wonder, which is available only to paying users.

Concerns about the AI trade have weighed on market sentiment in recent sessions. Traders are focused on debt-backed AI investments and on whether infrastructure demand justifies the spending. On Tuesday, Seagate Technology added 2% and CoreWeave advanced more than 1%.

Christian Mueller-Glissmann of Goldman Sachs Research said earnings support, lighter positioning, and lower valuations should help equities into year-end. He cautioned that near-term volatility could stem from AI concerns, Middle East tensions, and the midterm elections.

West Texas Intermediate crude futures gained 1.25% to $99.04 a barrel. In Asia, South Korea's Kospi climbed 3.29% and Japan's Nikkei 225 added 0.85%, while Europe's Stoxx 600 rose 0.14%.

Meta reports after the close on Wednesday. IBM, Southwest Airlines, Lam Research, SAP, and Texas Instruments are also scheduled to report.