U.S. stock futures slipped on Thursday, pulling back after a mixed session on Wednesday where the major indices eked out tiny gains but the small-cap Russell 2000 fell. The early pressure comes as geopolitical tensions flared up again between the U.S. and Iran.

A U.S. official, speaking anonymously to Reuters, said American forces struck an Iranian ground control station in Bandar Abbas that was allegedly preparing to launch attack drones. The official also said U.S. forces shot down four one-way drones that posed a threat near the Strait of Hormuz. "These actions were measured, purely defensive, and intended to maintain the ceasefire," the official said.

Meanwhile, the 10-year Treasury yield sat at 4.50%, with the two-year at 4.05%. According to the CME Group's FedWatch tool, markets are pricing a 99.1% likelihood that the Federal Reserve leaves rates unchanged at its June meeting.

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket. SPY was down 0.087% at $749.81, while QQQ was lower by 0.24% to $727.72.

Stocks In Focus

Snowflake

• Snowflake Inc. (SNOW) surged 35.05% in premarket after reporting upbeat financial results for the first quarter of fiscal 2027. The company posted revenue of $1.39 billion, beating analyst estimates of $1.32 billion.
• Market data indicates that SNOW maintains a weak price trend in the long term but strong trends in the short and medium terms, with a poor growth rank.

Salesforce

• Salesforce Inc. (CRM) was 1.86% lower as soft guidance and legacy weakness overshadowed a massive first-quarter earnings beat.
• Market data indicates that CRM maintains a weak price trend in the short, long, and medium terms, with a poor quality score.

Marvell Technology

• Marvell Technology Inc. (MRVL) declined 2.11% as it expects second-quarter adjusted EPS of 88 cents to 98 cents, versus the 90-cent analyst estimate, and revenue in a range of $2.57 billion to $2.84 billion, versus the $2.6 billion analyst estimate.
• Market data indicates that MRVL maintains a strong price trend in the long, short, and medium terms, with a good growth score.

Costco Wholesale

• Costco Wholesale Corp. (COST) was up 0.35% as it is scheduled to post quarterly earnings after the closing bell. Analysts expect earnings of $4.93 per share on revenue of $69.73 billion.
• Market data indicates that COST maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a moderate value rank.

HP

• HP Inc. (HPQ) was 1.65% lower despite beating Street estimates on the top and bottom lines.
• Market data indicates that HPQ maintains a strong price trend in the short, long, and medium terms, with a moderate quality score.

Cues From Last Session

On Wednesday, consumer staples and consumer discretionary stocks closed higher, while energy, financial, and utilities stocks recorded the biggest losses. Most sectors on the S&P 500 ended in the red.

Insights From Analysts

Professor Jeremy Siegel maintains a bullish yet cautious outlook on the U.S. stock market and economy, driven by resilient growth and abundant liquidity.

He notes that the market is eyeing a potential Iran settlement, suggesting that if the Strait of Hormuz opens, investors should "expect the market to continue its march upward, as the momentum trade gathers strength."

Siegel emphasizes that the broader economy is expanding solidly, supported by strong consumer spending and rising GDP estimates. However, this economic resilience, paired with a surge in liquidity, shifts the monetary policy landscape.

Siegel warns that "the evidence points toward policy needing to remain restrictive for longer," especially as excess deposit growth implies that the financial system is accommodating inflationary pressures.

Regarding market valuations, Siegel pushes back against fears of a bubble. While chip and AI-related equities price in steep growth assumptions, he continues "to resist broad claims that the Magnificent 7 are universally overvalued," citing their unprecedented cash generation.

Ultimately, Siegel believes the macroeconomic backdrop remains favorable for equities, concluding that "the bigger macro story remains that liquidity is still abundant, and economic growth remains surprisingly firm."

Upcoming Economic Data

Here's what investors will be keeping an eye on Thursday:

• The second revision of first-quarter GDP, April's personal income and spending data, the April PCE index and year-over-year PCE data, the April Core PCE index and year-over-year Core PCE data, initial jobless claims for the week ending May 23, April's durable-goods orders, and April's durable-goods minus transportation data will all be released by 8:30 a.m. ET.
• Additionally, New York Fed President John Williams will speak at 8:55 a.m., April's new home sales data will be released at 10:00 a.m., St. Louis Fed President Alberto Musalem will give a speech at 10:15 a.m. and make a TV appearance at 1:10 p.m., and Richmond Fed President Tom Barkin will speak at 3:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session, up 1.85% to hover around $90.32 per barrel.

Gold spot fell 1.51% to around $4,389.21 per ounce, well off its record high of $5,595.46. The U.S. Dollar Index spot was 0.13% higher at 99.3310.

Meanwhile, Bitcoin (BTC) was trading 3.32% lower at $73,158.93 per coin over the last 24 hours.

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