US Stocks-Wall St futures subdued as investors weigh earnings, oil prices
SPY•Snowflake jumps ahead of Friday payrolls report
Among other movers, Snowflake SNOW.N soared 23.76% after a strong annual revenue forecast.
The nonfarm payrolls report, due on Friday, is expected to be under close scrutiny for clues on the Federal Reserve's interest rate outlook.
Futures subdued as investors weigh oil and Middle East risks
U.S. stock index futures were muted on Thursday, as higher oil prices and the prospect of an escalating war in the Middle East kept investors on tenterhooks.
The moves could add to the gloom that has crept into markets after the latest round of military strikes between the U.S. and Iran despite some strong corporate results.
“Markets have absorbed a lot of disruption and held up better than many people expected. There have been points where panicking might have felt like a sensible thing to do,” said Benjamin Jones, global head of research at Invesco.
Oil prices were stuck within a tight range, with Brent crude LCOc1 last up 0.23% after falling earlier in the session.
“Increasing market adaptability to the conflict will likely continue to moderate the upside to crude prices, even in the case of prolonged disruptions in the Middle East,” Goldman Sachs analysts wrote in a note.
Treasury yields ease as earnings and jobs data come into focus
U.S. Treasury yields eased as a bond market selloff slowed. High Treasury yields have pressured stocks in the last few weeks.
“I'm confident that the remainder of the year will bring new disruptions, but one disruption I'm less concerned about is higher yields,” Jones said.
Still, Broadcom AVGO.O fell 2.29% in premarket trading after its fourth-quarter revenue forecast fell short of Wall Street's lofty expectations, underscoring that the companies at the center of the AI buildout have a high bar to clear.
