Futures tracking US equities were mixed on Wednesday, lagging gains for Treasuries as markets continued to assess the outlook for earnings on a backdrop of lower rates against higher economic uncertainty. Contracts attached to the S&P 500 and the Dow inched up to extend their record highs from the previous session, while those for the Nasdaq 100 were below the flatline. Tech giants were mixed and semiconductors broadly held their strong momentum from yesterday, supported by signals of strong demand and limited supply from hubs in Asia, despite views of healthy skepticism that AI infrastructure expenditure by software giants stateside may have been overdone. In the meantime, Valero, Marathon Petroleum, and Philips 66 futures were higher after President Trump said the US already secured initial oil exports from Venezuela, benefiting refineries that can process heavy and sour crude in the Gulf Coast. Chevron, which is the only US company with operations in Venezuela, also gained.
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