U.S. stock futures fell in Thursday premarket trading, pulling back after a volatile week driven by conflicting headlines on Iran, oil prices and a closely watched Nvidia earnings report. The moves came despite a strong session on Wednesday, when stocks jumped and oil fell after President Donald Trump suggested a resolution with Iran could be near.
By Thursday morning, that optimism had faded. Iran’s supreme leader issued a directive blocking the export of the country’s near-weapons-grade uranium. That development reversed the previous day’s mood quickly. Oil climbed in response, with Brent crude rising back above $105 per barrel. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq 100 all slipped into negative territory.
Nvidia beats but fails to impress
Nvidia reported its first-quarter earnings after the bell Wednesday, topping expectations on both revenue and earnings per share. The AI chipmaker also issued an upbeat forecast for chip sales. Despite that, investors were left wanting more. The results were strong. However, the market had positioned for an even clearer signal of surging demand. As a result, Nvidia shares slipped roughly 1% in after-hours trading.
The reaction reflects a pattern that has emerged around Nvidia’s recent reports. Consistently strong results have raised the bar to a point where even genuine beats can disappoint relative to elevated expectations.
SpaceX files S-1 registration statement
Shortly after Nvidia’s results landed, SpaceX filed its S-1 registration statement with the Securities and Exchange Commission. The document offered a rare public look into the company’s financials. It arrived ahead of a planned road show with investors scheduled for June. The filing generated significant attention given how closely SpaceX’s finances have been guarded and the scale of investor interest in a potential public offering.
Oil volatile amid Iran uncertainty
Oil prices have swung sharply throughout the week as headlines around U.S.-Iran negotiations have shifted repeatedly. Brent crude neared $106 per barrel on Thursday morning after sliding 5.6% on Wednesday. West Texas Intermediate hovered around $99.
Trump told reporters the U.S. is in the final stages of negotiations with Iran, stoking hopes for a deal that could see energy flows resume through the Strait of Hormuz. Traders have priced in the possibility of an abrupt deescalation throughout the conflict. Nevertheless, oil prices remain more than 40% above their levels when the war began at the end of February.
Even in an optimistic scenario, the path back to normal is not immediate. Abu Dhabi National Oil Co. CEO Sultan Al Jaber said Wednesday that Middle East oil flows would not fully recover until well into 2027, even if the conflict ended immediately. He described the Strait of Hormuz closure as the most severe supply disruption on record.
Earnings season continues Thursday
The week’s earnings calendar remains active. Walmart, Ross Stores, Workday and Zoom Communications are all scheduled to report results on Thursday. Those reports will give investors additional data points on consumer spending, enterprise software demand and the broader health of the economy as the first-quarter reporting season winds down.
This article is for informational purposes only and does not constitute financial or investment advice.
Source: Yahoo Finance
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