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Nasdaq futures slip as chip earnings disappoint while Europe hits highs
STOXX 600 climbed to an all-time high, while Brent rose 1.1% to $80.34 a barrel as traders monitored a proposed Iran-Oman deal.
Investor sentiment improved during European trading on Thursday, with optimism around company earnings, but Wall Street was set up for a mixed open. Nasdaq futures were down after chipmakers disappointed traders, following a session where some companies, including Sandisk, Advanced Micro Devices and Western Digital, missed lofty expectations, according to Reuters.
In Europe, the rally broadened after the STOXX 600 touched an all-time high, lifted by media and telecom stocks. The index was up 0.4% at 1102 GMT, while the London FTSE 100 gained 0.2%, France's CAC 40 rose 0.7% and Germany's DAX was up 0.2%.
On Wall Street futures, S&P 500 e-minis edged up 0.1%, but Nasdaq e-minis fell 0.7%. Hani Redha, a multi-asset portfolio manager at MetLife, said the overnight pullback looked like a correction to a recent run toward record highs, adding that the market was seeing a hangover from strong momentum tied to AI-related tech enthusiasm.
Traders also watched market signals tied to U.S.-Iran tensions after Reuters reported a proposed deal between Iran and Oman. Oil prices initially held below $80 a barrel, then turned higher during the European session, with Brent futures last up 1.1% to $80.34 a barrel and U.S. West Texas Intermediate up 1% to $75.93, while euro zone government bond yields were steady, Reuters reported.
Latest closeBrent $79.49 ▲0.2%|S&P 500 7,723.55 ▼0.2%|Nasdaq Comp. 26,363.44 ▼0.8%