US stock futures edged higher on Wednesday as investors weighed a blockbuster takeover approach for PayPal against fresh inflation data and another test of corporate earnings.

Dow futures were up 15 points, S&P 500 futures gained 0.1%, while Nasdaq-100 futures advanced 0.4%.

The gains followed a strong start to bank earnings and a softer-than-expected consumer-price report, which reduced fears of an immediate Federal Reserve rate rise.

Still, with the S&P 500 less than 1% below its June record, the bar for earnings remains high. PayPal and ASML led premarket gainers, while oil remained a key risk.

5 things to know before Wall Street opens

1. PayPal becomes the morning’s biggest mover

PayPal surged as much as 18.5% in premarket trading after Stripe and Advent International reportedly offered $60.50 a share for the payments company.

The proposal values PayPal at more than $53 billion and represents a roughly 28% premium to Tuesday’s close.

The approach is backed by about $50 billion of committed financing, although PayPal has not engaged and there is no certainty a transaction will follow.

2. Futures extend the post-CPI advance

The softer June inflation report encouraged investors to add risk before the opening bell. However, the market’s proximity to record levels leaves little room for weak guidance.

The S&P 500 has gained more than 10% this year, making earnings delivery increasingly important to the next stage of the rally.

3. Producer prices provide the next inflation test

June producer-price data are due at 8:30 am ET and will show whether pipeline pressures are easing alongside consumer inflation.

Traders now see about a 17% chance of a quarter-point increase at the Fed’s July 28-29 meeting, down from roughly 41% before Tuesday’s CPI report.

Fed Chair Kevin Warsh will also begin the second day of his semi-annual testimony at 10 am.

His message on Tuesday was cautious, with policymakers still seeking more evidence that the improvement in inflation can be sustained.

4. Financial earnings remain in focus

BlackRock reported a 20% increase in second-quarter profit to $1.91 billion as rising markets lifted assets under management to $15.34 trillion.

Its shares gained in premarket trading.

Morgan Stanley reports at about 7:30 am, with investors watching trading revenue, wealth-management flows and the rebound in investment banking.

5. ASML lifts chips, but Iran remains an overhang

US-listed ASML shares rose 3.8% after the company increased its 2026 sales outlook to €43 billion to €45 billion.

Second-quarter revenue reached €9.33 billion, strengthening confidence that AI-related chip spending remains robust.

That optimism is being tempered by fresh Middle East threats.

Iran’s Revolutionary Guard warned that it could target other export corridors benefiting the US and its allies after Washington restored a blockade on Iranian ports.

Any broader disruption could push oil higher and revive the inflation concerns that Tuesday’s CPI report had briefly eased.

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Netflix will report its second-quarter earnings on Thursday, with investors looking for signs that the streaming giant can reignite growth after its shares fell about 20% this year.

While Netflix has consistently outperformed expectations over the past few years, concerns over slowing engagement, moderating subscriber growth, and increasing competition have weighed on investor sentiment.

The company’s outlook for the second half of the year is expected to be the biggest catalyst for the stock, but some analysts are also saying that with a lack of hit programs, more investors are expecting Netflix to lower its full-year numbers.

Wall Street expects NFLX to report revenue of $12.57 billion for the quarter, representing year-over-year growth of about 13%, while earnings are projected at $0.79 per share, nearly 10% higher than the corresponding period last year.

The company beat analyst estimates in the previous quarter with revenue of $12.25 billion, up 16.2% year over year.

However, weaker earnings guidance and revenue forecasts that merely matched consensus disappointed investors.

Revenue growth in international markets will be under scrutiny

The biggest question heading into the earnings release is whether Netflix can return to faster revenue growth.

The market currently expects revenue growth of 13.5% year over year, slower than the 15.9% recorded in the same quarter last year.

Morningstar analyst Matthew Dolgin said investors would closely watch whether sales growth begins accelerating again or whether management raises its guidance for 2026.

“We believe total sales growth will likely need to return to about 15% to ease market fears that organic growth is slowing and prompt reacceleration,” Dolgin said.

He added that investors would also pay close attention to the contribution from domestic and international markets.

Price increases introduced in the United States are expected to support revenue this year, but any slowdown overseas could become a larger concern.

“We believe that if international growth slows, that’s a bad sign for future growth,” Dolgin said.

Strategy and acquisitions in focus

Beyond the headline numbers, analysts expect management commentary on long-term strategy to drive investor reaction.

Netflix has increasingly diversified beyond traditional streaming, expanding into live sports, entertainment events, and advertising.

Morningstar believes investors will be looking for updates on potential acquisitions and sports rights.

“We will look for any commentary on interest in NBCUniversal being spun out from Comcast or in going after bigger sports rights (like the NFL). Netflix seems to be on the hunt for acquisitions, shifting away from how they’ve historically run their business in an effort to reaccelerate growth,” Dolgin said.

Analysts believe such moves could help Netflix broaden its content offering while improving engagement and monetisation over the longer term.

Options market signals optimism ahead of earnings

The options market is signalling cautious optimism ahead of Netflix’s earnings announcement, with traders positioning for a potential upside surprise despite the stock’s 20% decline this year.

According to data from ThinkOrSwim as reported by CNBC, call option volumes outpaced puts by two-to-one during both Friday and Monday’s trading sessions.

By midday on Monday, traders were buying nearly three times as many call options as puts, while one of the most actively traded strategies involved selling at-the-money puts, a position that generally reflects confidence that the stock will hold above current levels.

Technical indicators are also attracting attention.

Netflix shares, trading around $75, are hovering near the level where the company abandoned its pursuit of Warner Bros. Discovery in February.

The stock is also testing key long-term support levels that some market participants believe could provide a floor.

“Netflix is now testing a rising 200-week moving average as well as the $70 prior resistance-turned-breakout level from late 2021,” Todd Gordon, founder and chief investment officer at Inside Edge Capital, said.

“Should this $70 technical support hold, it may be time to consider changing the channel back to NFLX.”

Options markets are currently pricing in a post-earnings move of about 7.6%, according to Cboe LiveVol data, broadly in line with the stock’s average realised move of 7.4% following earnings announcements over the past year.

Netflix shares have declined after each of its last four quarterly earnings reports, following gains after the preceding three announcements, suggesting investors remain cautious despite the recent increase in bullish positioning in the options market.

BofA reiterates Buy rating ahead of earnings

Bank of America remains among the most bullish brokerages on Netflix despite the recent correction.

The firm reiterated its Buy rating and maintained a $125 price target, implying roughly 70% upside from current levels.

According to Bank of America, much of this year’s decline reflects concerns over engagement trends, artificial intelligence’s impact on content creation, and heightened competition following recent consolidation in the media industry.

However, the brokerage argued that Netflix has repeatedly overcome similar periods of investor pessimism.

It noted that slowing subscriber growth in 2022 pushed the stock down more than 50%, before initiatives including paid sharing and the advertising-supported tier helped restore growth.

The analysts said management has “consistently demonstrated an ability to adapt to changing market conditions, execute effectively and create long-term shareholder value.”

Bank of America expects largely in-line quarterly results but believes stronger guidance or encouraging commentary on engagement and acquisitions could improve sentiment.

Engagement concerns remain

Morgan Stanley has taken a more cautious stance, lowering its price target to $90 from $115 while maintaining an Overweight rating.

The brokerage expects second-quarter results and third-quarter guidance to broadly match expectations, with the company likely reaffirming its full-year outlook.

Morgan Stanley also said it hopes to see a more aggressive share buyback programme.

While credit card data suggests subscriber churn increased after recent price hikes, the firm believes Netflix retains significant long-term pricing power.

It also expects the company’s growing portfolio of live events and sports programming to support engagement during the second half of the year.

Meanwhile, KeyBanc Capital Markets warned that investor expectations have become increasingly cautious.

“Given currency movement and a lack of hit programs, we believe more investors are expecting Netflix to lower full-year numbers,” analyst Justin Patterson said.

“The narrative around Netflix reminds us of 2022, as concerns around engagement have evoked concerns around long-term growth and driven P/E multiple compression,” he said.

“2022’s challenges were addressed with an ad-tier and paid sharing. This time around, we believe levers will likely center around content and product diversification (both through TF1-type partnerships and live events) that aid perceived content quality and support better monetization per hour.”

KeyBanc also reduced its price target to $92, maintaining an Overweight rating.

With expectations relatively subdued after the stock’s decline this year, analysts say Thursday’s earnings may matter less than management’s outlook on growth, engagement and strategic priorities for the remainder of 2026.

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London’s FTSE 100 slipped on Wednesday as investors remained cautious over escalating tensions in the Middle East.

Losses in precious metals miners outweighed gains in energy stocks, which benefited from a rise in oil prices.

The blue-chip FTSE 100 index had fallen 0.1% to 10,515.73 points.

The midcap FTSE 250 index also edged lower, declining 0.09%.

Precious metal miners lead sector losses

Precious metals miners emerged as the weakest-performing sector during the session, falling 2.3%.

Fresnillo dropped 2.8%, while Endeavour Mining declined 2%, placing both companies among the biggest losers on the benchmark index.

The sector’s decline weighed on the broader market and offset strength seen elsewhere.

Energy stocks advance as oil prices climb

Energy shares rose 0.3% after oil prices climbed around 2%.

The increase followed renewed geopolitical tensions after US President Donald Trump reimposed a naval blockade on all Iranian ports.

Higher oil prices provided support for energy companies, making the sector one of the day’s strongest performers.

Personal goods sector posts strongest gains

The personal goods index led sectoral advances, rising 2.4%.

Watches of Switzerland Group climbed 4.8% after Barclays and UBS both raised their target prices for the stock.

The brokerage upgrades helped lift sentiment across the sector.

OECD highlights UK’s economic challenges

The OECD said Britain must maintain fiscal discipline, address rising pension costs, and tackle high energy prices to strengthen economic growth.

The organisation’s comments underscored the economic challenges facing Andy Burnham, who is set to become prime minister next week.

On Tuesday, the FTSE 100 closed higher as banking stocks led gains following strong earnings from major US lenders, marking the start of the corporate reporting season.

Investor sentiment also improved after softer-than-expected US inflation data fuelled expectations of a delay in interest rate cuts.

Individual stocks in focus

Rio Tinto gained 1.1% after the mining company reported better-than-expected second-quarter iron ore sales.

The company attributed the performance to strong operational execution.

Discount retailer B&M was among the biggest fallers, with its shares dropping 6.9%.

The company reported a 2.3% decline in first-quarter like-for-like sales in its core UK market.

It said a slow start to the gardening season weighed on trading, although growth in France helped increase overall group revenue.

Meanwhile, housebuilder Barratt Redrow advanced 3.3% after announcing plans to return £400 million ($536 million) to shareholders through share buybacks instead of dividends.

The market remains cautious

Overall, London’s equity market traded slightly lower as investors balanced the impact of escalating geopolitical tensions against company-specific developments and sector performance.

While higher oil prices lifted energy stocks, declines in precious metals miners limited gains across the broader market.

Investors also continued to monitor corporate earnings and economic developments, with attention remaining on fiscal policy and growth prospects in the UK.

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Pepperstone, a leading CFD broker, today announced the expansion of its Perpetual CFD offering as financial markets increasingly move toward continuous trading.

The rollout extends perpetual market access beyond digital assets, reflecting a broader shift underway across global finance, where investors are demanding markets that operate around the clock rather than within traditional exchange hours.

Perpetual futures have become one of the fastest-growing product categories in global markets, with annual trading volumes estimated to have exceeded $90 trillion in 2025.

At the same time, industry estimates suggest tokenised financial assets could grow from around $35 billion today to approximately $2 trillion by 2030, reinforcing the shift towards always-on, blockchain-based markets.

Together, these developments point to a future where ownership becomes increasingly digital, liquidity becomes continuous, and market access extends well beyond traditional exchange hours.

Perpetual markets first emerged in digital assets, predominantly in the crypto space.

Pepperstone is helping bring that innovation into the regulated world, extending perpetual access across traditional asset classes as global financial markets continue their evolution toward continuous trading.

Having launched SPCX.US-PERP, a synthetic perpetual CFD referencing SpaceX, Pepperstone is now accelerating the next phase of its rollout.

Gold, Silver, Nasdaq, S&P 500, WTI, and Brent Crude perpetual CFDs are among the instruments planned for launch, extending 24/7 market access across metals, indices, and energy markets.

All products will be available through Pepperstone’s regulated CFD framework, utilizing its global regulatory licenses, which provide traders with access to perpetual market mechanics via familiar platforms and account structures.

Tamas Szabo, Group CEO of Pepperstone, stated that the expansion reflects a broader transformation occurring across global financial markets.

“The concept of markets opening and closing at fixed hours is becoming increasingly outdated. Capital, information, and risk now move continuously, and we believe 24-hour markets will become a standard feature of modern finance. Our focus is on bringing that future into a regulated environment that traders already know and trust.”

Chris Weston, Head of Research at Pepperstone, said the shift toward 24/7 markets is being driven by the changing nature of information flow and global capital markets.

“Major market-moving developments no longer wait for opening bells. Information is global, instantaneous, and continuous, and traders increasingly want access to markets when opportunities emerge. We see that demand for continuous access is becoming a defining feature of the next generation of financial markets.”

Unlike perpetual futures offered on many crypto exchanges, Pepperstone’s Perpetual CFDs operate entirely within its existing CFD infrastructure.

Traders can access perpetual market exposure through a trading account without the need for crypto wallets, exchange collateral arrangements, or separate venue onboarding.

The expansion forms part of Pepperstone’s broader strategy to build products that reflect how markets are evolving and how clients increasingly want to access them.

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