Futures linked to the major U.S. stock indices point up ahead of a much-anticipated U.S. employment report, which could influence the outlook for Federal Reserve interest rate policy later this year. Ford books a multi-million-dollar charge due to a delay in U.S. tariff relief, but a better-than-expected forecast supports the carmaker’s shares in extended hours trading. An activist investor reportedly pushes Warner Bros. Discovery to walk away from Netflix’s offer, in the latest twist in a long-running takeover saga.

1. Futures rise

U.S. stock futures inched higher on Wednesday, as investors awaited a fresh monthly jobs report and assessed a raft of corporate earnings.

By 02:33 ET (07:33 GMT), the Dow futures contract had risen by 91 points, or 0.2%, S&P 500 futures had climbed by 12 points, or 0.2%, and Nasdaq 100 futures had ticked up by 48 points, or 0.2%.

While the blue-chip Dow Jones Industrial Average notched a fresh record close on Tuesday, the benchmark S&P 500 and tech-heavy Nasdaq Composite both slid, weighed down in part by more worries around the implications of new artificial intelligence tools.

Financial services stocks were hit by an AI-based tax planning product from wealth management startup Altruis. Charles Schwab slipped by more than 7%, while peer Raymond James fell to its worst one-day drop since the height of the COVID-19 pandemic in 2020.

This downturn echoed a similarly AI-fueled slump in insurance brokers and software companies in recent sessions, underlining fears that the nascent technology could have deep and widespread disruptions on a variety of industries — although some analysts have described such jitters as overblown.

Meanwhile, stalling retail sales factored into investor sentiment, leading some observers to suggest that the economy could be on a path to slower growth in 2026. Wagers that the Federal Reserve will take a more dovish stance later this year increased, with CME FedWatch showing an uptick in the probability of an April interest rate reduction.

2. Jobs data ahead

With this data hanging in the backdrop, Wednesday’s main event will likely come from the economic calendar, where a delayed reading of U.S. employment growth is due to be released.

The figures are projected to show that the U.S. economy added some 66,000 roles in January, up from 50,000 in December.

At its latest monetary policy meeting last month, the Fed described the labor market as “stabilizing” after a recent bout of sluggishness. This argument, combined with signs of steady — albeit elevated — inflation, persuaded the Fed to keep interest rates unchanged at a range of 3.5% to 3.75%.

But White House economic adviser Kevin Hassett warned earlier this week that AI advances could dent U.S. job gains in the coming months, even as productivity is boosted.

The outlook for the current year subsequently remains somewhat murky, given the uncertainty around the trajectory of jobs and prices — the Fed’s two main policy pillars. The upcoming jobs report, along with a fresh consumer price index on Friday, could help bring more clarity around the evolution of rates in 2026.

"Today’s jobs report is a pivotal event for the [foreign exchange] market. A materially weak print would likely pave the way for markets to price in a cut in April," analysts at ING said in a note.

3. Ford books charge from "unexpected" tariff relief delay

Shares of Ford Motor inched up in extended hours trading after the U.S. carmaker outlined profit and cash flow guidance that was better than analysts’ expectations.

The group predicted that annual operating income would stand at roughly $9 billion, compared to Wall Street estimates of about $8.85 billion. Expected free cash flow of $5.5 billion also raced above projections.

However, Ford posted a fourth-quarter operating loss of $11.1 billion — its largest ever. The company booked a charge of $900 million linked to a delay in the effective date of a Trump administration tariff-relief program.

CFO Sherry House told investors that Ford was notified about the "unexpected" change “very late” in 2025.

Earnings season is set to continue later today with Cisco Systems, McDonald’s, and T-Mobile US among the headliners.

4. Activist investor urges Warner Bros. to walk away from Netflix offer - WSJ

Elsewhere, investors were keeping tabs on a flurry of reported developments in the drama around the battle for Hollywood stalwart Warner Bros. Discovery.

The Wall Street Journal reported that activist investor Ancora Holdings has built up about a $200 million stake in Warner and is gearing up to urge the business to reject Netflix’s massive offer for both its movie and television unit and HBO Max streaming service.

Citing people familiar with the matter, the WSJ said Ancora could unveil the position as soon as Wednesday, and argue that Warner has yet to adequately engage with Paramount Skydance’s rival bid, which would see the David Ellison-run company buy all of Warner, rather than specific parts.

The report came as Paramount sweetened its proposal by offering Warner shareholders extra cash for every quarter that the deal fails to be finalized. Paramount said it would also pay for any fee Warner incurs for walking away from the Netflix deal.

However, Paramount did not raise its overall offer, which, including debt, stands at $108.4 billion.

5. Gold edges higher

Gold prices rose after the soft U.S. retail sales data drummed up bets that the world’s largest economy was cooling, amplifying the focus on impending payrolls data for more definitive cues.

Despite logging some gains this week, precious metal prices remained volatile after tumbling from record highs in late-January, and have since struggled to recover. Recent declines in the dollar offered limited support.

Uncertainty over geopolitical tensions in the Middle East also kept haven-linked demand for gold under pressure.

Spot gold was last up 0.4% to $5,047.08 an ounce, while gold futures had risen 0.8% to $5,071.34.oz. Spot prices remained below recent record highs.

In oil markets, Brent crude prices gained 1.2% to $69.64 a barrel and U.S. West Texas Intermediate crude increased 1.3% to $64.81 a barrel.