Futures tracking the Nasdaq and the S&P 500 slipped Wednesday as tech giant Alphabet slumped after its cloud division missed revenue estimates, while other mega-cap stocks also edged lower pressured by rising U.S. Treasury yields.

Google-parent Alphabet slid 6.6% in premarket trading as its cloud business crawled to its slowest growth in at least 11 quarters.

Microsoft, on the other hand, rose 3.9% after topping expectations for first-quarter results in all segments, including its cloud business.

"Microsoft's head start in AI seems to be paying off, while Alphabet appears to be in catch-up mode on both this and cloud computing," said Danni Hewson, AJ Bell's head of financial analysis.

However, a rise in long-dated U.S. Treasury yields also pressured other mega-cap stocks. Meta Platforms, due to report after the closing bell, fell 0.7%, while Apple and Amazon.com dropped 0.3% and 1.2%, respectively.

Mobile network operator T-Mobile US gained 1.5% after raising the lower end of its annual free cash flow forecast.

Of the 118 S&P 500 companies that have reported so far, 81% have beaten analysts' earnings expectations, LSEG data showed on Tuesday. Third-quarter earnings are expected to grow 1.7% year-on-year.

Meanwhile, Israel intensified its bombing of southern Gaza overnight as world leaders called for a halt to fighting to allow aid into the besieged enclave.

At 7:05 a.m. ET, Dow e-minis were up 47 points, or 0.14%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 78.75 points, or 0.53%.

All three major U.S. stock indexes ended higher in the previous session as a bunch of strong corporate earnings and upbeat forecasts stoked risk appetite.

On the data front, focus will be on new home sales for September at 10 a.m. ET, with third-quarter gross domestic product, durable goods and personal consumption expenditure data scheduled for the rest of the week.

U.S. Federal Reserve officials were under a media blackout ahead of their decision on interest rates on Nov. 1.

Traders put the chance of interest rates remaining unchanged in November and December at around 99% and 70%, respectively, according to CME's FedWatch tool.

Texas Instruments shed 5.3% after the analog chipmaker forecast fourth-quarter revenue and profit below estimates.

CoStar Group dipped 7.2% after the real estate information provider trimmed its annual revenue outlook.