US stock futures sank as investors assessed the economic outcomes following early deals set in the US-China trade war.
Dow Jones futures (YM=F) sank 0.5%, while tech-heavy Nasdaq 100 (NQ=F) contracts slipped 0.3%. Futures attached to the benchmark S&P 500 (ES=F) dipped 0.3%.
On Wednesday, stocks mostly rose , boosted by an Nvidia-led tech rally . The chipmaker's stock has been on a tear this week and turned green for the year as President Trump's visit to the Middle East opened up deals with Saudi Arabia and potentially the United Arab Emirates. Big Tech, overall, has enjoyed a boost since the US and China rolled back tariffs on Monday.
Read more: The latest on Trump's tariffs
In earnings, results from Cisco ( CSCO ) and CoreWeave ( CRWV ) hinged on expectations that AI spending will keep booming. Cisco raised its annual forecast based on AI driving up demand, and its shares rose in after-hours trading. Coreweave also issued a bullish outlook citing the AI frenzy, which initially sent its stock higher, but the company later blew past Wall Street expectations for capital expenditures, and its stock sank.
On Thursday, investors will get a another pulse check on inflation with the release of April's Producer Price Index (PPI). The latest Consumer Price Index (CPI) report showed inflation pressures eased over the month despite Trump's tariffs taking effect.
New data on April retail sales, out Thursday, will also offer a glimpse into whether the US economy can sustain shocks from the president's fast-changing trade policies.
Companies set to report earnings on Thursday include retail giants Walmart ( WMT ) and Alibaba ( BABA ), as well as Applied Materials ( AMAT ) and Cava ( CAVA ).
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