US stock index futures mostly declined on Thursday, pressured by disappointing guidance from AI leader Nvidia and rising tensions between Russia and Ukraine.
As of 06:15 ET (11:15 GMT), Dow Jones Futures edged up 10 points, or 0.1%, while S&P 500 Futures dropped 7 points, or 0.1%, and Nasdaq 100 Futures slid 35 points, or 0.2%.
Nvidia declines on underwhelming guidance
Shares of Nvidia fell over 3% in premarket trading. While the company surpassed third-quarter expectations with $35.1 billion in revenue, its fourth-quarter forecast of $37.5 billion fell short of heightened trader expectations. The slower growth trajectory comes after Nvidia delivered strong year-on-year revenue increases over the last three quarters.
The company, which recently overtook Apple (NASDAQ:AAPL) as the most valuable publicly traded company, also cited supply constraints, particularly for its upcoming Blackwell AI chip line, though it noted that demand for its advanced AI chips remains strong.
Starbucks explores China options
Starbucks could draw attention following a Bloomberg report suggesting the coffee giant is considering strategic options for its China business, including the potential sale of a stake. The move comes as new CEO Brian Niccol aims to reinvigorate sales in the region.
Snowflake surges on strong results
Snowflake shares soared more than 20% premarket after the data analytics software company reported fiscal third-quarter earnings that exceeded expectations.
Baidu shares drop on revenue decline
Baidu shares fell nearly 3% after the Chinese tech giant reported a year-over-year decline in third-quarter revenue.
Focus shifts to economic data
Investors are awaiting a series of key U.S. economic indicators over the next few days, including weekly jobless claims and home sales data set to release later on Thursday, followed by November’s purchasing managers index (PMI) data on Friday. Several Federal Reserve officials are also scheduled to deliver remarks, which could provide further insights into the central bank’s policy outlook.
Crude oil prices climb
Oil prices rose on Thursday, driven by fears of supply disruptions due to escalating tensions in the Russia-Ukraine conflict, despite a larger-than-expected increase in U.S. crude inventories.
As of 06:15 ET, U.S. crude futures (WTI) were up 1.7% at $69.91 per barrel, while Brent crude gained 1.3%, trading at $73.94 per barrel.
This week, crude prices have been supported by Ukraine’s use of long-range U.S. and U.K. weapons against Russia, an action Moscow had long warned could significantly escalate the conflict.
However, gains were tempered by concerns over weakening demand, particularly after U.S. crude stockpiles rose by 545,000 barrels to 430.3 million in the week ending November 15. Adding to the caution, gasoline inventories increased by nearly 2.1 million barrels, sparking worries about cooling U.S. fuel demand as winter approaches.
