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Chipotle falls after tepid sales forecast

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Disney ( DIS ) gains after Q1 results beat estimates

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Futures down: Dow 0.04%, S&P 500 0.45%, Nasdaq 0.84%

(Updates with analyst comment)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) - U.S. stock index futures declined on

Wednesday, with the tech-heavy Nasdaq leading losses after

disappointing forecasts from Alphabet and AMD in a busy day for

corporate earnings.

Google-parent Alphabet dropped 7.1% in premarket

trading after posting downbeat cloud revenue growth and

earmarking a higher-than-expected $75 billion for its AI

buildout this year, fanning concerns about its hefty investments

into the technology.

"While some investors may have hoped that Silicon Valley

would exercise caution in the wake of China's AI innovations,

the opposite is occurring," Jochen Stanzl, chief market analyst

at CMC Markets, said in a mailed statement.

Advanced Micro Devices ( AMD ) lost 9.1% after CEO Lisa Su

said the company's current-quarter data center sales - a proxy

for its AI revenue - would fall about 7% from the previous

quarter.

Meanwhile, Apple ( AAPL ) shed 2.6% after Bloomberg News

reported that China's antitrust regulator was preparing for a

possible investigation of the iPhone maker.

At 07:08 a.m. ET, Dow E-minis were down 20 points,

or 0.04%, S&P 500 E-minis were down 27.25 points, or

0.45%, and Nasdaq 100 E-minis were down 181.25 points,

or 0.84%.

All three major Wall Street indexes closed higher on

Tuesday, with energy shares outperforming, while an

earnings-driven jump in Palantir ( PLTR ) boosted technology

shares.

A January private payrolls reading is due at 8:15 a.m. ET on

Wednesday, while a survey on U.S. services activity for the

month is due shortly after markets open.

The all-important January nonfarm payrolls report is

expected to be released on Friday.

Markets also looked for developments on the tariffs front.

U.S. President Donald Trump said on Tuesday he was in no

hurry to speak to Chinese President Xi Jinping to try to defuse

a new trade war between the countries, sparked by sweeping 10%

U.S. tariffs on all Chinese imports.

Morgan Stanley joined Barclays and Macquarie in forecasting

a single 25-basis-point interest rate cut by the U.S. Federal

Reserve this year, citing uncertainty from Trump's tariff

policy.

Fed Vice Chair Philip Jefferson as well as San Francisco Fed

President Mary Daly on Tuesday reiterated the central bank's

message that policymakers need not rush into easing rates

further.

Comments from four Fed heads including Richmond Fed

President Thomas Barkin will be on the radar through the day.

In other moves, FMC Corp ( FMC ) plunged 21.3% after the

agrichemicals producer forecast first-quarter revenue below

estimates.

Chipotle Mexican Grill ( CMG ) slid 5.6% after the burrito

maker forecast tepid annual comparable sales growth and said if

Trump's proposed tariffs against Mexico went into full effect,

the company would take a roughly 60-basis-point impact on its

raw material costs this year.

U.S.-listed shares of Chinese e-commerce firm PDD Holdings ( PDD )

dropped 6.6% after a report that the U.S. was

considering whether to add PDD's Temu to Homeland Security's

"forced labor" list.

Walt Disney ( DIS ) gained 1.4% after sharply

outperforming quarterly earnings estimates.