Stock Futures Slip After S&P 500, Dow Pull Back From Record Highs
Stock futures pointed lower Thursday, a day after the benchmark S&P 500 and blue-chip Dow Jones Industrial Average set fresh all-time highs before retreating.
Nasdaq 100, Dow, and S&P 500 futures were down 0.3%, 0.3%, and 0.2%, respectively, after indexes closed mostly lower Wednesday after a rally to start the week following the U.S. military’s weekend capture of Venezuelan president Nicolás Maduro. The tech-heavy Nasdaq did end slightly higher yesterday to extend its winning streak to three sessions.
Although futures were lower overall, defense stocks pointed sharply higher before the bell after President Donald Trump wrote on his Truth Social network that “our Military Budget for the year 2027 should not be $1 Trillion Dollars, but rather $1.5 Trillion Dollars.” Shares of Northrop Grumman (NOC), Lockheed Martin (LMT), General Dynamics (GD), and RTX (RTX) surged a respective 7%, 6.5%, 5.5%, and 4.5% after dropping yesterday when Trump wrote that he “will not permit Dividends or Stock Buybacks for Defense Companies.”
Shares of Alphabet (GOOGL) were up nearly 1% in premarket trading, a day after the Google parent surpassed Apple (AAPL) for the second-highest market capitalization behind Nvidia (NVDA), at around $3.9 trillion. Apple shares pointed 0.5% lower.
In post-earnings moves, shares of AI data centers provider Applied Digital (APLD) surged nearly 7%, while those of beer giant Constellation Brands (STZ) rose 2%.
The 10-year Treasury yield, which influences interest rates on a variety of commercial and consumer loans, was little changed from Wednesday’s close around 4.16% before several pieces of economic data, including weekly jobless claims, the U.S. trade deficit for October, and third-quarter productivity.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.8% to $56.40 a barrel. Gold futures declined 0.5% to $4,440 an ounce.
Bitcoin was trading around $89,900, down from the day’s high around $91,500. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked 0.1% higher to 98.78.
