U.S. equity futures moved lower early Thursday as participants awaited new inflation data set to guide Federal Reserve policy. Meanwhile, crude oil prices soared following reports of recent U.S. military operations in Iran.
At 4:20 p.m. (Bangkok Time), futures linked to the Dow Jones Industrial Average declined by 0.10%, with S&P 500 futures slipping 0.13%. Contracts on the Nasdaq 100 registered a steeper drop, falling 0.26%.
On Thursday, West Texas Intermediate crude oil futures rose by 1.82%, breaching $90 a barrel, while Brent crude futures gained 1.18%. The increase followed media coverage citing a U.S. official who confirmed additional American military strikes targeting an Iranian military installation.
Post-market activity featured upbeat quarterly performances from several technology names. Snowflake, Marvell Technology, and HP posted results underscoring robust AI-related demand for cloud computing, semiconductors, and PCs. Snowflake also announced a $6 billion agreement with Amazon Web Services, leading to a surge of more than 30% in its stock during after-hours trading.
The broader equity market closed at record highs the previous day, bolstered by a downturn in oil prices. The Dow climbed to new intraday and closing peaks, concluding at 182.60 points, or 0.36%. Gains in the S&P 500 and Nasdaq Composite were more modest, rising 0.02% and 0.07%, respectively, both reaching all-time closing highs.
Previously, oil prices pulled back during Wednesday’s standard trading hours after Secretary of State Marco Rubio indicated encouraging developments in discussions with Iran and emphasized the administration’s focus on diplomatic engagement. However, President Donald Trump stated that Iranian control over the Strait of Hormuz would not be part of any agreement.
Market attention now turns to Thursday’s scheduled report on the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures index. The release will signal whether inflation trends are intensifying pressure on the central bank regarding interest rate decisions.
Later Thursday, quarterly reports from several major retailers—Costco Wholesale, Dell Technologies, Dollar Tree, Best Buy, and The Gap—are anticipated as earnings season winds down.
