US stock futures geared up for a comeback on Thursday morning after a Fed-fueled sell-off as Asian stocks rebounded and more earnings were on deck. But fresh US attacks on Iran, a bond rout, and worries about AI spending kept investors on guard.

Futures on the Dow Jones Industrial Average (YM=F) advanced 0.2%, while those on the S&P 500 (ES=F) rose 0.1%. Contracts for the Nasdaq-100 (NQ=F) pushed up by 0.2% after the index entered a correction on Wednesday, led by heavy declines in chip stocks.

The fortunes of Meta (META) and Microsoft (MSFT) stocks diverged after the two “Magnificent Seven” stalwarts reported earnings on Wednesday afternoon. Meta shares fell over 8% in premarket trading, extending their historic losing streak, after the tech giant’s earnings miss added to worries about its ability to recoup AI investments. Microsoft’s stock jumped nearly 8%, meanwhile, after its Azure cloud business topped $100 billion in revenue for the first time.

Amazon (AMZN) is the next hyperscaler to face Wall Street scrutiny on its capital expenditures and cloud business when it reports earnings after the bell. Apple (AAPL) will also release results, where the focus will be on margins amid memory chip price hikes.

Traders continue to digest the Federal Reserve’s decision to hold rates steady on Wednesday as the bond market revolts, sending the 30-year Treasury yield to a multidecade high of 5.20%. Although oil prices eased Thursday morning, US strikes on a dozen Iranian targets overnight threatened to spiral into another escalation in the war, which could rekindle inflation.

Investors will be watching for the next inflation data point on Thursday, with the release of the Personal Consumption Expenditures (PCE) index for June. Continuing claims and a reading on second quarter GDP are also on the economic calendar.