Stock Futures Muted as Bond Yields Stabilize, U.S. Economic Data and Fed Speak on Tap

Stock futures showed minimal movement on Thursday as bond yields stabilized at multi-year highs and investors digested recent tech earnings. The S&P 500 E-Mini (ESU26) gained 0.08%, while the Nasdaq 100 E-Mini (NQU26) fell 0.09%. WTI crude oil prices rebounded more than 1% after Iran reported missile and drone attacks on U.S. bases in Kuwait and the UAE.

This overshadowed President Trump's prediction of a short-lived operation against Iran. Nvidia CEO Jensen Huang stated that his $3.5 billion MediaTek deal is not circular due to their independent business strategies. The outlook for MSTR stock appeared unfavorable. Elevated oil prices kept bond yields near multi-year peaks, with the 10-year T-note yield at 4.78% on Thursday, having peaked at 4.82% on Wednesday.

Nasdaq 100 futures underperformed as Broadcom and Hewlett Packard Enterprise fell after reporting weaker-than-expected earnings. Snowflake (SNOW) surged over 23% after delivering strong Q2 results and raising its full-year product revenue guidance. Market participants awaited U.S. economic data releases and remarks from Federal Reserve officials.

Dell Technologies (DELL) led gains on the S&P 500 with a 15% increase, while chip stocks like Nvidia (NVDA) and NXP Semiconductors (NXPI) also rose. Palo Alto Networks (PANW) saw its stock drop more than 9% following a narrower gross margin and forecasted slower sales growth. The ADP National Employment report showed U.S. private-sector payrolls rose by 38K in August, below expectations.

New York Fed President John Williams said there are signs of moderating inflation as tariffs' effects wane, but further Fed action may be needed to bring inflation to target. Investors will focus on U.S. Initial Jobless Claims data, ISM Non-Manufacturing PMI, S&P Global Services PMI, and Fed Governor comments during the trading session.