US stock futures came under pressure before the bell on Thursday as oil prices surged and earnings from four Big Tech companies cemented optimism for a continued boom in AI demand.
Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech stocks, fell 0.5% or around 250 points, News.Az reports, citing foreign media.
Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both traded broadly flat after a lackluster Wednesday for Wall Street stocks.
Oil prices reached an Iran war high on a report that President Trump is looking at fresh military options, stoking concerns of an escalation in hostilities.
Brent (BZ=F) crude futures traded above $112 a barrel, after soaring as much as 7% to top $126 following the Axios report.
West Texas Intermediate crude (CL=F) futures neared $108 at last check, amid dampened hopes for an easing in Strait of Hormuz restrictions and on prospects for peace.
Investors were also assessing a round of results from “Magnificent Seven” tech megacaps released after the market close on Wednesday. Meta (META) shares dropped almost 7% after it reported weaker-than-expected capital spending and slower user growth. Microsoft (MSFT) shares slipped 1% even as it beat expectations for both revenue and profit.
Meanwhile, Alphabet (GOOG) rose about 7% after reporting stronger-than-expected revenue and solid growth in its Google Cloud business. Amazon (AMZN) gained 2% after beating estimates, supported by strong cloud computing revenue.
Mag 7 earnings continue Thursday with Apple scheduled to report after the market closes. Markets are focused on the impact of AI expenditure for revenue streams.
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