U.S. stock futures pointed lower on Thursday, with the Dow Jones, S&P 500, and Nasdaq 100 all slipping after a mixed close on Wednesday. The early weakness was largely driven by post-earnings slides in two mega-cap names: Tesla and Alphabet.

Adding to the cautious mood, U.S. intelligence analysts are reportedly investigating whether Russia provided Iran with target information or enhanced drone technology used in recent precise strikes on CIA facilities in the Gulf, according to Reuters. That geopolitical wrinkle is keeping investors on edge.

In the bond market, the 10-year Treasury yield stood at 4.67%, while the two-year note yielded 4.31%. According to the CME Group's FedWatch tool, markets are pricing in a 64.2% probability 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, were lower in premarket trading. SPY was down 0.25% at $745.57, while QQQ declined 0.21% to $703.89.

Stocks In Focus

Tesla

Tesla Inc. (TSLA) slipped 5.52% in premarket trading on Thursday after reporting mixed second-quarter financial results after the market close on Wednesday. The company's earnings fell short of some expectations, though revenue came in line. MarketDash's stock rankings indicate that TSLA maintains a weak price trend in the short, long, and medium terms, with a poor value score.

Alphabet

Alphabet Inc. (GOOG) was down 3.63% despite posting better-than-expected sales results for the second quarter. Investor concerns mounted as the company said it now projects to spend between $195 billion and $205 billion in capital expenditures in 2026, a significant increase that raised questions about returns on that spending. MarketDash's stock rankings indicate that GOOG maintains a weak price trend in the short term but a strong trend in the long and medium terms, with a moderate good score.

ServiceNow

ServiceNow Inc. (NOW) jumped 7.25% after it reported quarterly earnings of 90 cents per share, beating the Street estimate of 85 cents. Revenue came in at $3.99 billion, also ahead of the analyst consensus estimate of $3.93 billion. The strong results suggest the company's cloud-based workflow automation platform continues to see robust demand. MarketDash's stock rankings indicate that NOW maintains a weak price trend in the short, long, and medium terms, but with a solid growth score.

Quantumscape

Quantumscape Corp. (QS) dropped 5.64% after reporting a quarterly loss. Its loss of 16 cents per share was better than the analyst consensus estimate for a loss of 18 cents, but the market focused on the ongoing losses and the path to commercialization. MarketDash's stock rankings indicate that QS maintains a weak price trend in the long, short, and medium terms.

Intel

Intel Corp. (INTC) was up 1.42% ahead of its earnings, scheduled for release after the closing bell. Analysts expect the chipmaker to report earnings of 19 cents per share on revenue of $14.40 billion. Investors will be watching for updates on Intel's turnaround plan and its foundry business. MarketDash's stock rankings indicate that INTC maintains a strong price trend in the long and medium terms but a weak trend in the short term.

Cues From Last Session

On Wednesday, utilities, materials, and energy stocks recorded the biggest gains, while communication services and consumer discretionary shares were among the biggest losers. The Dow Jones Industrial Average edged down 0.012% to 52,218.58, the S&P 500 fell 0.14% to 7,498.96, the Nasdaq Composite dropped 0.57% to 25,690.90, and the Russell 2000 declined 0.92% to 2,959.94.

Insights From Analysts

Despite heightened Middle East tensions and market volatility, BlackRock maintains a "pro-risk stance" and continues to be overweight U.S. equities. The asset management giant expects resilient economic growth and moderating inflation to persist, noting that the broader macro outlook remains mostly intact.

Driving this optimistic outlook is the artificial intelligence investment cycle and strong corporate earnings. BlackRock points out that U.S. corporate performance continues to surpass expectations, writing, "Earnings growth still comfortably outpaces the rising cost of capital," which helps protect stock valuations even as interest rates stay elevated.

While acknowledging risks such as geopolitical supply shocks, BlackRock sees the U.S. economy as relatively insulated. They emphasize that temporary market drawdowns do not warrant a retreat from equities: "While uncertainty has increased, we do not believe recent market moves warrant abandoning our overweight stance on U.S. equities, and we remain risk-on."

Overall, BlackRock views high-quality companies with strong pricing power and AI exposure as well-positioned to drive market performance.

Upcoming Economic Data

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

• Initial jobless claims for the week ending July 18 will be released by 8:30 a.m. ET.
• July's Kansas City Fed manufacturing survey data will be out by 11:00 a.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil WTI futures were trading higher in the early New York session, up 3.26% to hover around $89.66 per barrel. Gold spot fell 0.91% to around $4,092.53 per ounce. The U.S. Dollar Index spot was 0.02% higher at 101.1450.

Meanwhile, Bitcoin (BTC) was trading 0.53% lower at $65,580.85 per coin over the last 24 hours.

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