United States stock futures were little changed on Wednesday evening (Thursday AEST), following a mixed session as the S&P 500 closed just below its all-time high.
By 9:40 am AEST (11:40 pm GMT) Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures within a range of ±0.1%.
In extended deals, Micron rose 0.9% after the chipmaker beat analyst expectations for its fiscal third quarter. The company reported adjusted earnings per share (EPS) of $1.91 on US$9.30 billion in revenue, surpassing forecasts of $1.59 per share and $8.86 billion, respectively. Guidance for the current quarter also exceeded expectations.
H.B. Fuller jumped 7.8% after the adhesive manufacturer posted stronger-than-expected earnings. The company reported adjusted EPS of $1.18, beating the $1.08 expected.
MillerKnoll surged 11.2% on better-than-expected earnings and revenue, reporting EPS of $0.60 versus $0.44 expected, while revenue came in at $961.8 million versus $613.8 million expected.
Jefferies Financial declined more 2.7% after the investment bank posted second-quarter EPS $0.40, missing expectations of $0.44. Revenue came in at $1.63 billion, ahead of the $1.56 billion forecast.
The moves followed a muted trading session where the S&P 500 ended flat, the Nasdaq Composite added 0.3%, and the Dow fell 106.59 points or 0.3%. All three major benchmarks remain on track for weekly gains.
While optimism remains, some market participants are questioning whether the rally can be sustained. Geopolitical tensions in the Middle East appeared to cool after President Trump announced a ceasefire between Israel and Iran.
Though he criticised both nations for violating the agreement, the truce appears to be holding. A U.S.-Iran meeting is scheduled for next week.
Investors are now turning their focus to Friday’s release of the personal consumption expenditures (PCE) price index for May. Fed Chair Jerome Powell said Tuesday that the central bank’s preferred inflation gauge is likely to edge higher to 2.3%, with the core measure rising to 2.6%, up from April’s readings of 2.1% and 2.5% respectively.
Despite the uptick, Powell reiterated the Fed’s commitment to reining in inflation, warning of the uncertain impact of recently imposed tariffs by President Trump.
In the meantime, markets await the latest jobless claims data ahead in the U.S. session. Investors are also looking ahead to corporate earnings, with Walgreens reporting before the bell and Nike scheduled to release its results after market close (Friday AEST).
