U.S. stock futures fell on Thursday after a two-day advance. Futures of major benchmark indices were lower in premarket.
The administration’s mixed signals on tariffs fueled investor anxiety. While President Donald Trump hinted at a deal with China while speaking to reporters on Tuesday after market hours, the Treasury Secretary Scott Bessent denied slashing steep tariffs on Chinese imports unilaterally on Wednesday. China also refuted Trump’s trade talk assertion.
Investors will also keep an eye on tech giant and Google’s parent Alphabet Inc.‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) slated to be released later today.
Meanwhile, the 10-year Treasury bond yielded 4.35% and the two-year bond was at 3.83%. The CME Group’s FedWatch tool’s projections show markets pricing a 93.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.72% |
| S&P 500 | -0.59% |
| Nasdaq 100 | -0.86% |
| Russell 2000 | -0.57% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. The SPY was down 0.51% to $532.67, while the QQQ declined 0.71% to $451.33, according to Benzinga Pro data.
Cues From Last Session:
Information technology, consumer discretionary, and communication services sectors led U.S. stocks higher Wednesday, with the Dow Jones jumping over 400 points, though all major indices closed well below their session highs after the Dow had surged over 1,100 points earlier.
Most S&P 500 sectors closed positively, but consumer staples and energy stocks finished the session lower.
Philip Morris International Inc. (NYSE:PM) reported strong first-quarter results and raised its FY25 adjusted EPS outlook, while Tesla Inc. (NASDAQ:TSLA) shares gained over 5% after its first-quarter earnings release.
Economic data showed new single-family home sales rose 7.4% to an annualized 724,000, the S&P Global services PMI fell to 51.4 in April, and the manufacturing PMI increased to 50.7.
As of Wednesday, the Nasdaq 100 index was down 15.88% from its previous high of 22,222.61 points. …