It's a tale of two markets this morning. U.S. stock futures are pointing in different directions on Wednesday, a day after the S&P 500 and Dow closed at fresh records. The Nasdaq 100, meanwhile, is trying to find its footing. The mixed action comes as geopolitical tensions flare up again and a handful of big-name stocks make outsized moves.

Here's the backdrop: The U.S. military launched strikes on an Iranian ground control station on Qeshm Island, near the Strait of Hormuz, in retaliation for Iran's failed missile attacks on Kuwait and Bahrain. That's the kind of headline that can rattle markets, but so far, the reaction has been relatively contained.

And just a day before those missile attacks, Israeli Prime Minister Benjamin Netanyahu reportedly got an earful from President Donald Trump. According to an Axios report, Trump called Netanyahu "crazy" and said he would "be in prison if it weren't for me." Trump allegedly added, "Everybody hates you now. Everybody hates Israel because of this." That's a pretty stunning exchange, even by Trump-Netanyahu standards.

On the economic front, the 10-year Treasury yield is at 4.48%, while the two-year sits at 4.07%. The CME Group's FedWatch tool shows markets pricing in a 98.4% chance the Fed leaves rates unchanged at its June meeting. So, no fireworks expected from the central bank this month.

Here's how the major index futures are shaping up:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ) are reflecting that mixed tone. SPY is down 0.053% at $759.17, while QQQ is up 0.032% to $746.40.

Stocks In Focus

Palo Alto Networks

Palo Alto Networks Inc. (PANW) is down 4.62% in premarket, even though the cybersecurity company beat third-quarter estimates and raised its guidance. That's a classic "sell the news" move, or maybe investors are worried about the broader macro environment. Market data shows PANW maintains a strong price trend in the short, long, and medium terms, with a solid growth score.

Shopify

Shopify Inc. (SHOP) is up 0.85% after announcing it's adding $3 billion to its ongoing share repurchase plan, bringing the total authorization to $5 billion. That's a big vote of confidence from management. Market data indicates SHOP has a strong short-term price trend but weak long- and medium-term trends, with a moderate quality score.

Broadcom

Broadcom Inc. (AVGO) is advancing 3.05% ahead of its earnings report after the closing bell. Analysts expect earnings of $2.40 on revenue of $22.12 billion. Market data shows AVGO maintains a strong price trend across all time frames, with a good quality score.

Marvell Technology

Marvell Technology Inc. (MRVL) is the star of the morning, surging 12.67% after Nvidia Corp. (NVDA) CEO Jensen Huang called it the "next trillion-dollar company" at the Computex conference in Taipei, Taiwan. That's about as bullish a statement as you can get from the most important man in tech. Market data indicates MRVL has a strong price trend in the long, medium, and short terms, though its value score is poor.

CrowdStrike Holdings

CrowdStrike Holdings Inc. (CRWD) is down 0.77% ahead of its own earnings report after the bell. Analysts expect earnings in the range of $0.78 to $1.07 on revenue of $1.36 billion. Market data shows CRWD maintains a strong price trend across all time frames.

Cues From Last Session

Tuesday was a good day for most sectors. The S&P 500 saw gains led by utilities, materials, and industrials, while health care and communication services lagged. Here's how the major indices closed:

Insights From Analysts

Wharton School Professor Jeremy Siegel is feeling pretty good about stocks. He maintains a highly constructive outlook on the U.S. stock market and economy, driven by resilient growth and improving liquidity.

Sure, first-quarter GDP was revised down to 1.6%, but Siegel stresses there is "no meaningful evidence of an approaching recession," with second-quarter growth projected between 2% and 3%.

He also highlights "three consecutive months of above-average expansion" in M2 money supply, signaling that supportive financial conditions have returned. That's a big deal for liquidity-driven markets.

While recent AI productivity gains haven't yet shown up in aggregate economic data, Siegel remains "highly optimistic that AI will eventually drive a significant productivity renaissance." Near-term tailwinds like easing Treasury yields and lower oil prices further bolster equities.

Siegel also dismisses concerns that the equity risk premium has vanished. He calls direct comparisons between stock earnings yields and nominal bond yields "one of the most common valuation errors in finance." Because stocks offer real yields that grow with inflation, he notes they properly stack up against inflation-protected securities. By that metric, "equities still offer roughly a 2.5 to 3% premium, close to their long-term historical average," solidifying a strong long-term case for stocks.

Upcoming Economic Data

Here's what investors will be watching Wednesday:

• Federal Reserve Governor Michael Barr speaks at 9:00 a.m. ET.
• May's S&P final U.S. services PMI at 9:45 a.m.
• April's factory orders and May's ISM services data at 10:00 a.m.
• The Fed's Beige Book at 2:00 p.m.

Commodities, Crypto, And Global Equity Markets

Crude oil futures are up 2.52% in early New York trading, hovering around $96.12 per barrel. That's a direct response to the Middle East tensions.

Gold is down 0.75% to around $4,454.23 per ounce, well off its record high of $5,595.46. The U.S. Dollar Index is up 0.17% at 99.3870.

Bitcoin (BTC) is trading 3.95% lower over the last 24 hours, at $66,953.29 per coin. Crypto continues to struggle with risk-off sentiment.

Asian markets closed mixed on Wednesday. Hong Kong's Hang Seng and India's Nifty 50 fell, while Japan's Nikkei 225, Australia's ASX 200, South Korea's Kospi, and China's CSI 300 rose. European markets are also mixed in early trade.