United States stock futures slipped in overnight trading on Thursday (Friday AEST), though major benchmarks remain on track for a third consecutive week of gains, supported by easing inflation data and corporate earnings results.
By 9:20 am AEST (11:20 pm GMT), futures for the Dow Jones Industrial Average, S&P 500, and the Nasdaq 100 were each down by 0.2%.
In extended trading, Adobe Systems dipped 1.1% despite delivering record second-quarter revenue of US$5.87 billion, up 11% year-over-year and ahead of expectations.
Meanwhile, RH surged 20% after the luxury home furnishings retailer reported better-than-expected first-quarter earnings and forecast revenue growth of between 10% and 13% for FY2025.
The company also noted it had begun shifting sourcing operations out of China amid changing U.S. tariff policies.
During Thursday’s regular session, the Dow Jones Industrial Average and Nasdaq Composite each gained 0.2%, while the S&P 500 added 0.4%, buoyed by the latest U.S. producer price index (PPI) data.
May PPI rose just 0.1% from the previous month, undershooting economists’ expectations of a 0.2% increase. The release followed a similarly subdued consumer inflation reading earlier in the week, lifting investor hopes of price relief.
Still, trade policy concerns temper investor enthusiasm. Treasury Secretary Scott Bessent suggested the Trump administration could extend its 90-day tariff pause, set to expire on 9 July, provided trading partners demonstrate “good faith” in negotiations.
However, President Donald Trump reignited fears of unilateral action, warning of new tariff notifications within the next two weeks. "We're dealing with Japan. We're dealing with South Korea. We're dealing with a lot of them. We're dealing with about 15 countries," he told reporters.
Despite policy uncertainty, all three major benchmarks are on pace to close the week in positive territory. The S&P 500 is currently up nearly 0.8%, the Nasdaq Composite has gained 0.7%, and the Dow Jones is tracking a 0.5% increase.
Investors will now turn their attention to Friday's release of the preliminary June reading of the University of Michigan’s consumer sentiment index, a closely watched gauge of economic confidence.
