U.S. stock futures hovered near unchanged levels Wednesday night as investors weighed encouraging corporate earnings against mounting policy risks at home and abroad. The intraday drift came after several banks reported stronger-than-expected results, shifting attention from headline geopolitical and fiscal concerns back to company-by-company fundamentals.

In after-hours trading, J.B. Hunt Transport Services surged about 11–12 percent after the trucking and logistics firm beat Wall Street estimates for both revenue and earnings, underscoring continued resilience in parts of the supply chain. Business software maker Salesforce rose roughly 4 percent after the company delivered an upbeat revenue forecast, providing a fresh jolt to technology names after the closing bell.

Those moves followed a regular session in which major indexes largely consolidated, with futures for the S&P 500 and Dow Jones Industrial Average trading close to the prior session’s close. Traders said the pattern reflected a market that is increasingly driven by quarterly results and company guidance rather than broader macro headlines. “Earnings are the dominant variable right now,” said a market strategist at a large asset manager. “When companies beat and give healthy forward guidance, it narrows the path for a sustained sell-off even amid policy uncertainty.”

The policy uncertainty is real. The U.S. government shutdown entered its third week, disrupting federal operations, delaying some permits and services, and injecting an undetermined drag on short-term growth if it continues. At the same time, renewed tensions with China over trade and technology are keeping investors wary of supply-chain disruptions and tariff dynamics that could erode profit margins for multinational firms.

The juxtaposition of solid corporate reports and rising policy friction has produced a market characterized by selective strength: companies with clear pricing power and strong order books are being rewarded, while more cyclical or policy-sensitive names remain under pressure. Analysts point to the ability of firms like J.B. Hunt to pass through higher costs and to technology vendors such as Salesforce to capitalize on continued enterprise spending as explanations for their after-hours pop.

Fixed-income markets and currency moves also reflected the cautious tone. Treasury yields were relatively steady, suggesting bond investors were not yet pricing in a significant shift in economic momentum. Volatility measures, meanwhile, remained below recent peaks, indicating traders have not fully priced in a major re-rating despite the policy backdrop.

Looking ahead, investors said the coming days of corporate disclosures will be pivotal. The broad market’s trajectory will depend on whether the positive surprise mix from banks and select corporates proves durable across sectors. If earnings continue to outpace expectations, markets could absorb policy setbacks with less damage. Conversely, a deepening shutdown or sharp escalation in U.S.-China tensions would likely reintroduce volatility, putting premium on liquidity and selective stock picking as the earnings season unfolds.