Stock futures are pointing to a mixed open for major U.S. indexes on Thursday as the market looks to rebound from yesterday’s sell-off amid lingering concerns about tariffs and the outlook for the economy.
Futures tied to the S&P 500 and tech-heavy Nasdaq were recently up 0.5% and 0.9%, respectively, while those linked to the Dow Jones Industrial Average tumbled 1.4%, or more than 500 points, as shares of UnitedHealth (UNH) plunged 20% after the company slashed its profit forecast.
The major indexes closed sharply lower on Wednesday as chip stocks dropped on news of U.S. restrictions on exports to China and as investors digested comments from Federal Reserve Chair Jerome Powell. The Fed chief said the tariffs the Trump administration is imposing would raise inflation and lower economic growth, posing a challenge for the central bank as it decides interest rate policy.
The UnitedHealth news sent shares of other health insurers reeling in premarket trading. Humana (HUM) was down 13%, while CVS Health (CVS) and Centene (CNC) each dropped about 8%.
Large-cap technology stocks were higher across the board after yesterday’s steep downturn. Apple (AAPL), Amazon (AMZN), Meta Platforms (META), Broadcom (AVGO) and Tesla (TSLA) each rose more than 1%, while Nvidia (NVDA), Microsoft (MSFT) and Alphabet (GOOG) were also moving higher.
Taiwan Semiconductor Manufacturing Co. (TSM) shares were up 3% after the world’s largest contract chip manufacturer reported better-than-expected quarterly results and maintained its revenue guidance despite uncertainty related to tariffs.
Shares of Netflix (NFLX) were up 1.5% ahead of the highly anticipated release of the streaming giant’s earnings report, which is scheduled for after the closing bell today.
Among other noteworthy movers this morning, shares of Eli Lilly (LLY) jumped 13% on news of a successful late-stage trial of a weight loss pill.
Exxon Mobil (XOM) and Chveron (CVX) each gained about 1% as oil prices rose. West Texas Intermediate futures, the U.S. crude oil benchmark, were up 1.9% at $63.60 per barrel.
Gold futures were down slightly at $3,340 an ounce after hitting another record high this morning of around $3,370. The precious metal has been steadily gaining ground as investors seek safe havens amid the concerns about tariffs.
The yield on the 10-year Treasury note, which influences borrowing costs on all sorts of loans, was little-changed at 4.29%.
Bitcoin was trading at $84,800, up from an overnight low of $83,800.