Stock futures are pointing higher Wednesday after two days of losses fueled by tech sector weakness; FedEx shares are losing ground despite a solid earnings report; shares of chipmaker Cerebras are down after the company released its first quarterly report since going public last month; memory chip maker Micron is scheduled to release its results this afternoon; and Google parent Alphabet will take Verizon's spot in the Dow Jones Industrial Average next week. Here's what you need to know today.

Stock Futures Rise After Steep Losses

Stock futures are rising this morning as tech stocks look to recover from a two-day sell-off that weighed on the major indexes. Futures tied to the S&P 500 and the tech-heavy Nasdaq were recently up 0.3% and 0.6%, respectively, while Dow Jones Industrial Average futures added 0.1%. The Dow closed slightly lower yesterday while the S&P 500 and Nasdaq tumbled as chip and memory stocks plunged.

WTI crude oil futures were down 3% to below $71 per barrel, as optimism over a potential long-term deal to end the Iran war has sent prices back down to levels not seen since the early days of the conflict. Gold futures were down about 2% to $4,060 an ounce, while bitcoin traded at $62,700, little-changed from yesterday afternoon. The yield on the 10-year Treasury note, which affects rates on all sorts of consumer loans, fell to 4.46% from 4.50% on Tuesday.

FedEx Stock Slips Despite Solid Earnings Report

FedEx (FDX) shares are losing ground after the company released its first earnings report since spinning off its FedEx Freight business. The company said it earned $6.31 per share on $25.0 billion in revenue, each better than what analysts had forecast, per Visible Alpha estimates. FedEx, which is making a switch to align its fiscal year with the calendar rather than having it end in May, said it expects adjusted EPS of $16.90 to $18.10 in 2026, which is down from the $20.24 per share it posted in the fiscal year that just ended. The company is losing some profits due to the recent spin-off of its freight business, and investors are likely still working out how to properly value FedEx without that segment. FedEx shares were down 7% in recent premarket trading. FedEx Freight (FDXF) is due to release its results tomorrow afternoon.

Cerebras Stock Tumbles After First Earnings Report Since IPO

Shares of Cerebras (CBRS) are sliding after the company released its first quarterly results since last month's IPO. The chipmaker said after the bell yesterday that it generated $193.4 million in revenue in its fiscal first quarter, about $10 million above what analysts were projecting, along with a smaller-than-expected adjusted loss of $2.48 million. Investors may be concerned about Cerebras's path to profitability, as the company said it expects "core," or adjusted, operating margins of negative 28% to negative 32% over the full year. Cerebras shares were down 8% ahead of the opening bell. The stock, which through yesterday's close was down 35% from the opening price of $350 on its first day of trading on May 14, has endured a volatile ride since then.