U.S. stock futures edged higher on Thursday, building on Wednesday's record-breaking rally that had President Donald Trump cheering from the White House. The Dow Jones, S&P 500, and Nasdaq all closed at all-time highs, and futures suggest the party might continue—albeit at a more modest pace.

Trump, never one to miss a chance to tout market gains, took to Truth Social to declare: "Stock Market hit an ALL-TIME HIGH TODAY. Jobs & 401-K's are BOOMING!!!" He also hinted at progress on the geopolitical front, telling reporters about Iran: "They want to make a deal. We've had very good talks over the last 24 hours, and it's very possible that we'll make a deal."

On the bond market, the 10-year Treasury yield sat at 4.33%, while the two-year yield was at 3.85%. According to the CME Group's FedWatch tool, traders are pricing in a 94.1% chance that the Federal Reserve will leave interest rates unchanged at its June meeting. So, no rate cuts anytime soon—but the market seems fine with that for now.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, was up 0.11% in premarket trading at $734.63, while the Invesco QQQ Trust ETF (QQQ), tracking the Nasdaq 100, gained 0.066% to $696.23.

Stocks In Focus

Zillow Group

Zillow Group Inc. (Z) fell 5.71% in premarket trading despite reporting upbeat first-quarter results after Wednesday's close. The market's reaction suggests investors were hoping for even more. Market data indicates that Z maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a poor growth score.

Beyond Meat

Beyond Meat Inc. (BYND) plunged 11% after reporting an in-line loss for the first quarter and guiding for second-quarter revenue below analyst estimates. The plant-based meat company continues to struggle with demand. Market data shows BYND maintains a weak price trend in the long term but a strong trend in the medium and short terms.

Whirlpool

Whirlpool Corp. (WHR) slipped 16.50% after missing first-quarter earnings expectations. The appliance maker is feeling the pinch from a slowing housing market and consumer caution. Market data indicates that WHR maintains a weak price trend in the short, medium, and long terms, with a poor quality ranking.

Core Scientific

Core Scientific Inc. (CORZ) declined 6.25% after missing first-quarter EPS estimates. The bitcoin mining company's results were likely impacted by lower cryptocurrency prices. Market data shows CORZ maintains a strong price trend in the short, medium, and long terms.

Fortinet

Fortinet Inc. (FTNT) gained 12.76% after reporting first-quarter revenue of $1.85 billion, beating the consensus estimate of $1.73 billion, and adjusted earnings of 82 cents per share, well above analyst estimates of 62 cents per share. The cybersecurity company is riding the wave of increased demand for digital security. Market data indicates that FTNT maintains a strong price trend in the short, medium, and long terms, with a good growth score.

Cues From Last Session

Wednesday's rally was broad-based, with communication services, information technology, and industrials leading the S&P 500 higher. Energy and utilities shares, however, retreated. Here's how the major indices closed:

Insights From Analysts

Analysts at BlackRock are keeping a "pro-risk stance" on U.S. stocks, driven by powerful corporate earnings momentum. The firm is currently overweight U.S. equities, viewing strong profitability as a primary driver of market outperformance amid ongoing geopolitical disruptions.

A central pillar of this outlook is the "AI mega force," which BlackRock notes is "now delivering tangible revenues, allaying worries over outsized capital spending." This trend has led to an atypical pattern of upward earnings revisions for both 2025 and 2026. While Magnificent 7 tech stocks remain dominant, BlackRock observes that "broad earnings growth looks healthy in a still resilient U.S. economy."

Regarding the broader economy, BlackRock anticipates a "resilient but gradually cooling labor market," characterized by moderate payroll growth and steady layoffs. However, they remain vigilant about persistent inflation. The firm is tactically underweight long-term U.S. Treasuries, cautioning that "the recent energy price shock compounds this by aggravating pre-existing inflationary pressures." Ultimately, BlackRock favors AI beneficiaries and infrastructure sectors to navigate this environment.

Upcoming Economic Data

Here's what investors will be watching on Thursday:

• Initial jobless claims for the week ending May 2 and first-quarter U.S. productivity data will be released at 8:30 a.m. ET.
• February's delayed construction spending and March's construction spending data will be out at 10:00 a.m. ET.
• Minneapolis Fed President Neel Kashkari will speak at 1:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session, down 1.99% to around $93.19 per barrel. Gold spot prices rose 0.94% to hover around $4,734.95 per ounce, still well below its record high of $5,595.46. The U.S. Dollar Index was 0.16% lower at 97.8660.

Bitcoin (BTC) was trading 0.51% lower at $81,343.40 per coin over the last 24 hours.

Asian markets closed higher on Thursday, with South Korea's Kospi, Japan's Nikkei 225, China's CSI 300, Australia's ASX 200, Hong Kong's Hang Seng, and India's Nifty 50 all rising. European markets were mostly higher in early trade.