U.S. stock futures are sending mixed signals Thursday morning. The Dow Jones and S&P 500 are pointing slightly higher, while the Nasdaq 100 is in the red, following a downbeat Wednesday session. Investors are treading carefully ahead of the June nonfarm payrolls report, which is expected to show a gain of 100,000 jobs, according to FactSet. Trading volume is likely to be thin, with markets closed Friday for Independence Day.
This comes after U.S. stocks just wrapped up their strongest quarter since 2020. President Donald Trump was quick to celebrate, pointing to positive developments in indirect U.S.-Iran negotiations in Qatar. "As far as things are going, the denuclearization of Iran is moving along well," Trump told reporters. "They've had very good meetings and we'll see." The comments helped ease concerns about global energy supply, though crude oil futures are still down about 0.79% this morning, hovering around $68.04 a barrel.
In the bond market, the 10-year Treasury yield is at 4.49%, while the two-year sits at 4.17%. According to the CME Group's FedWatch tool, markets are pricing in a 70.6% chance that the Federal Reserve will leave interest rates unchanged at its July 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, are reflecting the mixed sentiment. SPY is up 0.064% at $746.24, while QQQ is down 0.17% to $723.93.
Surgepays
- Surgepays Inc. (SURG) is surging 43.34% after signing an agreement with AT&T Inc. (T) to eliminate a $50 million minimum spend commitment. Market data shows SURG has a weak price trend in the long, short, and medium terms.
Culp
- Culp Inc. (CULP) is up 1.62% after posting mixed fourth-quarter results after Wednesday's close. Market data indicates CULP maintains a weak price trend in the long, short, and medium terms.
Micron Technology
- Micron Technology Inc. (MU) is down 2.10% despite CEO Sanjay Mehrotra saying AI-driven memory demand has exceeded customer expectations. He noted that industry supply is likely to remain constrained beyond 2027, with growing demand across data centers, smartphones, PCs, automotive, and industrial markets. Market data shows MU maintains a strong price trend in the medium, short, and long terms, but with a poor value score.
CoreWeave and Nebius
Cues From Last Session
On Wednesday, communication services, financial, and consumer discretionary stocks led the gains, pushing most S&P 500 sectors higher. Information technology and utilities lagged.
Insights From Analysts
Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, is painting an optimistic picture despite recent index pressures. He notes that while tech and communication services heavyweights have temporarily kept the S&P 500 below its record high, underlying market breadth is expanding. "More companies participating on the upside is, in our view, a signal that the underlying health of the market is better than some investors might assume," Wren says.
Looking ahead, he believes the AI theme will remain the main earnings and price driver. Wells Fargo projects a robust 25% earnings growth rate for the S&P 500 this year, followed by another 13% gain in 2027, with a year-end 2027 index target of 8,600 to 8,800. Beyond tech, Wren sees strong AI-adjacent opportunities in industrials, utilities, and materials, plus a highly rated financials sector poised to benefit from accelerating M&A and IPO activity.
Upcoming Economic Data
Here's what's on the calendar for Thursday:
- Initial jobless claims for the week ending June 27, June's nonfarm payrolls report, June's unemployment rate, and June's average hourly earnings (month-over-month and year-over-year) will all be released at 8:30 a.m. ET.
- May's factory orders data is due at 10:00 a.m. ET.
- No economic events are scheduled for Friday.
Commodities, Crypto, And Global Equity Markets
Crude oil futures are trading lower, down 0.79% to around $68.04 per barrel. Gold is up 1.10%, hovering near $4,075.75 per ounce, while the U.S. Dollar Index is down 0.40% at 100.9890.
Bitcoin (CRYPTO: BTC) is trading 3.10% higher over the last 24 hours, at $60,375.43 per coin.
Asian markets closed mixed on Thursday: India's Nifty 50, Australia's ASX 200, and Hong Kong's Hang Seng rose, while South Korea's Kospi, Japan's Nikkei 225, and China's CSI 300 fell. European markets are mostly higher in early trade.
