Dow Futures barely budged on Thursday as investors kept an eye on the latest tensions between President Donald Trump and Federal Reserve Chair Jerome Powell.
Dow Jones Industrial Average Futures slipped by 88 points, or 0.2%, while the S&P 500 futures inched up 0.1%. Nasdaq 100 futures hovered near flat.
The global markets were roiled by fears that Donald Trump might try to remove Powell, but the turmoil subsided after the US President said he was “highly unlikely” to fire the central bank chief.
This back-and-forth caused sharp swings, with markets ultimately rebounding after clarification. The S&P 500 closed up 0.3%, the Dow gained 231 points (0.48%), and the Nasdaq rose 0.2% on Wednesday.
5 things to know before Wall Street opens today
1. Markets are reacting to a wave of earnings reports.
Johnson & Johnson climbed 6.2% after beating expectations and lifting its full-year outlook.
In after-hours trading, United Airlines and Sarepta Therapeutics also made headlines—Sarepta spiked following news of a significant job cut and updates to its gene therapy product labeling, tied to ongoing challenges.
2. Investors are dialing back expectations for a Fed rate cut after June inflation came in hotter than expected. The data has thrown some cold water on hopes for a near-term policy shift.
Meanwhile, global markets are mostly down, echoing Wall Street’s unease. Trade tensions and warnings from big names like ASML, raising flags over tariffs and geopolitics, aren’t helping the mood either.
3. TSMC shares jumped more than 5% in premarket trading after the chip giant reported a 60.7% surge in Q2 profits, driven by soaring demand for AI chips.
The upbeat results lifted sentiment across the sector, with Nvidia, AMD, and Marvell also seeing modest gains.
The continued strength in semiconductors is helping fuel broader optimism in tech, sending the Nasdaq to new all-time highs.
4. All eyes are on Netflix as it gears up to report earnings after the bell. The stock has already surged more than 40% this year, raising the stakes for this quarter’s results.
Still, some analysts are approaching with caution, pointing to its lofty valuation, trading at roughly 40 times forward earnings, as a potential concern.
5. Investors are bracing for a fresh batch of macroeconomic data that could offer critical insight into the health of the US economy.
June retail sales are set to headline the releases, with expectations of a rebound after May’s unexpected dip, an important gauge of consumer spending strength.
Also on the docket are weekly jobless claims and export/import price data, which could shed light on the labor market and underlying inflation trends.
Together, these figures will help shape the outlook for consumer resilience and pricing pressures, especially as concerns around tariffs and persistent inflation continue to weigh on sentiment.
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