Stock futures wavered today as Wall Street weighed a new batch of corporate earnings and growing trade uncertainty, leading to renewed volatility across major indexes. While the S&P 500 rose slightly to 6301 points, the Dow and Nasdaq both slipped in the previous session, reflecting investor unease amid mixed signals from recent reports.

Corporate earnings after the bell brought more drama: AMD shares tumbled over 6% after disappointing results, with management citing US export restrictions to China as a major headwind. Social media company Snap plunged even further, falling nearly 15% after posting weaker-than-expected revenue. In contrast, Arista Networks surged over 13% on the back of strong quarterly numbers, highlighting the current patchwork of winners and losers in the earnings season.

Looking ahead, investors are keeping a close watch on upcoming earnings from major names such as Uber, McDonald’s, Disney, Airbnb, and DoorDash. The recent downturn in the ISM Services Index, which showed activity stalling in July, has also reignited concerns about potential stagflation—a period of slow growth paired with rising prices.

On the policy front, uncertainty is mounting following President Trump’s threats to impose steep tariffs of up to 250% on pharmaceutical imports and possible levies on semiconductors. These moves have heightened concerns about prolonged trade friction and its ripple effects on corporate profits and global supply chains.

Despite the current choppiness, the S&P 500 has gained 1.11% over the past month and stands more than 21% higher than this time last year, even after retreating from record highs set in July. As the market digests further earnings and keeps a wary eye on trade developments, volatility may remain a central theme in the days ahead.