U.S. stock futures traded in mixed territory early Thursday as investors weighed Middle East geopolitical developments, anticipated fresh labor market data, and monitored a heavy earnings slate.
As of 4:00 a.m. ET, Nasdaq futures were down 0.3%, while S&P 500 and Russell 2000 futures each gained 0.1%, and Dow futures rose 0.2%.
Retail sentiment has softened noticeably, with Stocktwits data showing the mood around the SPDR S&P 500 ETF (SPY) holding at “neutral” and the Invesco QQQ Trust (QQQ) slipping from “bullish” to “neutral.”
Weekly initial jobless claims are the primary economic event on Thursday’s calendar, serving as a precursor to Friday’s closely watched July employment report.
Fed Governor Lisa Cook signaled on Wednesday that she would be prepared to support further rate hikes if inflation fails to continue moderating, adding a hawkish tone to the policy outlook.
On the geopolitical front, President Donald Trump reiterated that the U.S. is engaged in talks with Iran and would prefer a negotiated agreement, while reports pointed to a possible Iran-Oman understanding over the Strait of Hormuz.
SoundHound AI (NASDAQ: SOUN) was one of the standout premarket movers, with shares surging 24% following a record quarterly revenue result and raised guidance from the company.
IonQ (NASDAQ: IONQ) shares soared 10% in early premarket trade after the quantum computing company secured a series of contract wins, including a National Reconnaissance Office radar contract for its Space Division.
Figma and enterprise software peers including CRM, INTU, and ADBE came under pressure after Figma warned that rising AI infrastructure expenses were weighing on its margins, sending its shares down roughly 14% premarket.
SanDisk (SNDK) fell 9% in early premarket trade after its forward guidance disappointed investors, despite the company announcing a $14 billion share buyback program and projecting that its New Business Model agreements would represent over 50% of bit shipments by fiscal year 2027.
SpaceX (SPCX) was headed for its fifth consecutive weekly decline amid the expiration of its IPO lockup period, though Cathie Wood purchased nearly $20 million in shares on Wednesday.
Paranovus Entertainment (PAVS) surged 40% premarket after announcing it had closed a $33 million deal to acquire women’s activewear brand Heyviva from consumer brand holding company Jabanero Inc.
Moderna (MRNA) shares climbed over 3% in premarket trading after receiving U.S. FDA approval for its influenza vaccine, providing a clear near-term catalyst for the biotech giant.
On the earnings front, Celsius (CELH), Datadog (DDOG), ConocoPhillips (COP), and Peloton (PTON) are among those reporting before the bell, while Airbnb (ABNB), Trade Desk (TTD), Cloudflare (NET), and DraftKings (DKNG) report after market close.
