U.S. stock futures were mixed on Thursday, with the oil rally pausing after stocks suffered three consecutive daily declines. Investors faced two upcoming tests: wholesale inflation figures and Oracle’s earnings, which will offer a check on artificial intelligence spending and demand.
At 4:41 p.m. (Bangkok time), Dow futures indicated a 0.13% gain and S&P 500 contracts were up 0.06%, but Nasdaq-100 futures showed a 0.22% decline.
On Wednesday’s regular session, losses ranged from 0.5% for the S&P 500 to 0.6% for the Nasdaq Composite. The Dow dropped more than 400 points, equivalent to 0.8%.
Energy costs and borrowing rates have both contributed to the pressure on equities. With the intensifying U.S.-Iran tensions, Brent moved higher to $102.52 per barrel on Thursday. West Texas Intermediate gained 1.67% to $97.065. Neither benchmark had recorded a settlement that high since May.
The war between the United States and Iran, together with disruption in the Strait of Hormuz, has fueled concern about energy costs spreading into wider inflation. That prospect has raised fears that the Federal Reserve could effectively be compelled to increase interest rates. Trump said Wednesday that relief from elevated oil prices might have to wait until after the midterm elections, which are two months away.
Treasury-market developments added another source of strain. A plan to repurchase as much as $6 billion of longer-dated government debt—three times the customary amount—was followed by a rise in the 10-year yield to 4.857% during the session. That was its highest reading since November 2023. The announcement came less than a month after the Treasury outlined plans to more than double its debt buybacks.
Thursday’s Producer Price Index release will detail the prices paid by producers ahead of Friday’s government report on consumer inflation. The consensus among economists is for a 0.3% annual increase in producer prices. Oracle’s results, scheduled for after the market closes, will bring AI capital expenditure and demand into focus.
Investors were also assessing a separate proposal Trump presented Wednesday in Dallas: payments of $5,000 to each American adult, conditional on Republicans retaining Congress in the midterms. The mechanism for delivering the costly payments remains unclear, and congressional authorization would be necessary.
