Nasdaq futures exhibited a mixed performance and remained relatively unchanged on Thursday, following a three-session losing streak for major U.S. equities indexes. Futures for the Dow Jones Industrial Average and S&P 500 increased by 0.2% and 0.1%, respectively, whereas the Nasdaq 100 indicated a decline of 0.1%. Yesterday, the blue-chip Dow Jones Industrial Average experienced an increase of 0.6%, while the benchmark S&P 500 and tech-focused Nasdaq Composite both recorded gains of 0.5%. This occurred despite the persistence of elevated bond yields and oil prices. Crude oil prices experienced a modest increase on Thursday as traders evaluated the latest developments in the Middle East.
This included remarks from President Donald Trump, who indicated that he does not anticipate the U.S. military’s recent strikes against Iran to endure for “too long. U.S. benchmark West Texas Intermediate prices increased by 1.7% in recent trading, reaching $92.50 a barrel, while Brent crude futures, the global benchmark, rose by 1.1% to $96.65. The yield on the 10-year Treasury note, a key determinant of interest rates for mortgages and auto loans, recently registered below 4.78%, reflecting a decline of less than one basis point from Wednesday’s close. Early yesterday, it briefly rose to 4.82%, its highest intraday level since November 2023, amid concerns about persistent inflation attributed in part to elevated oil prices.
Traders currently assign a 60% probability to the Federal Reserve increasing interest rates at its upcoming meeting, a notable rise from the 35% observed just a week prior, according to the CME Group’s FedWatch tool. Snowflake stock soared 24% in premarket trading after the data cloud company reported better-than-expected earnings on strong AI demand. In other post-earnings movements, Hewlett Packard Enterprise experienced a decline of 3.5%, Broadcom saw a pullback of 3%, Petco Health and Wellness surged by 13%, and Five Below increased by 6%.
Most of the Magnificent Seven mega-cap tech stocks indicated a positive trajectory before the market opened, with the Roundhill Magnificent Seven ETF reflecting an increase of approximately 0.5%. Nvidia ticked lower after leading the Dow with a 3% gain yesterday. Tesla rose 1.5% ahead of an expected cybercab unveiling today. Bitcoin recently was at $77,900, slightly higher over the past 24 hours. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, registered a decline of 0.5%, settling at 99.14. Gold futures increased by 1.5%, reaching $4,480 per ounce.
