US Stock Futures Remain Steady Amid Rising Oil Prices
US stock futures experienced little movement on Thursday as oil prices surged following sanctions imposed on Russia. Investors on Wall Street were assessing a fresh wave of quarterly earnings reports, notably from Tesla and IBM, which failed to meet expectations.
Market Index Futures Show Minimal Changes
Futures for the Dow Jones Industrial Average and the S&P 500 fluctuated around the neutral mark, while contracts for the tech-centric Nasdaq 100 also saw negligible changes.
Surge in Oil Futures
Oil futures increased by over 5% after the US enacted sanctions against major Russian oil producers, intensifying pressure on President Putin to resolve the conflict in Ukraine. Brent crude prices neared $66 per barrel, with West Texas Intermediate closing in on $62.
Tesla and IBM Earnings Disappoint
Tesla saw a decline of over 3% in premarket trading after it reported mixed third-quarter results. IBM’s stock fell approximately 7%, as their otherwise strong profits were overshadowed by disappointing software revenues.
Upcoming Earnings Reports
Investors are looking forward to earnings updates from American Airlines and T-Mobile, which reported results before the market opened on Thursday. Intel is set to release its earnings later in the day.
US-China Trade Talks Scheduled
On the trade front, China announced that discussions with US officials are set for Friday. President Trump noted a long-awaited meeting with Chinese President Xi is scheduled, providing some comfort to markets affected by rising tensions.
Quantum Computing Stake Discussions
Reports indicate that the Trump administration is in discussions to acquire equity stakes in several quantum computing firms, aiming to secure funding in critical technology sectors. Following the news, shares of targeted companies, including IonQ and Rigetti Computing, rose by over 10%.
