U.S. stock futures were mixed Thursday morning as investors weighed sharply divergent tech earnings, renewed trade optimism, and an unprecedented visit by President Donald Trump to the Federal Reserve headquarters later today — the first such visit by a sitting U.S. president in nearly 20 years.
As of 7:19 a.m. ET, S&P 500 futures edged up 0.1%, while the Nasdaq 100 gained 0.3%, buoyed by Alphabet’s stronger-than-expected quarterly earnings. In contrast, Dow futures dropped 198 points (0.4%), dragged lower by disappointing results from IBM and Dow Inc.
Big Tech Earnings: A Tale of Two Giants
Tech earnings overnight painted a split picture. Alphabet (Google’s parent company) jumped nearly 4% in premarket trading, after beating expectations on revenue and profit, while also boosting capital spending guidance. The performance reassured investors about the resilience of ad revenue and AI investments.
Tesla, however, fell around 6%, as its auto revenues declined for a second straight quarter. The electric vehicle pioneer has notably underperformed its Big Tech peers throughout 2025, and this latest result appeared to erode investor confidence even further.
Other major drags included IBM, which tumbled nearly 6% after missing key software revenue targets, and Dow Inc., which fell more than 7% following a wider-than-expected quarterly loss of $0.42 per share — sharply below Wall Street’s expectation of a $0.17 loss.
Historic Trump Visit to the Fed
Investor attention is now firmly on President Trump’s scheduled 4:00 p.m. ET visit to the Federal Reserve, a move that raises eyebrows given the central bank’s traditional independence. The visit comes ahead of next week’s policy review, with traders pricing in a 97% chance of no rate change, according to the CME FedWatch Tool.
Trump has repeatedly criticized Fed Chair Jerome Powell for not cutting rates quickly enough, and today’s meeting could further strain the relationship between the White House and the Fed.
Markets React: Sentiment Cautiously Constructive
Despite the headwinds, investor sentiment remains cautiously optimistic. On Wednesday, the S&P 500 closed up 0.78%, marking its 12th record close of 2025. The Dow Jones Industrial Average rose 507 points, nearing a new all-time high, while the Nasdaq Composite crossed 21,000 for the first time.
Fueling some of the optimism was Trump’s declaration of a “massive” new trade deal with Japan, reportedly including 15% reciprocal tariffs and a $550 billion investment into the U.S. However, photos released by the White House showed apparent last-minute edits to the agreement, casting some doubt on the details. Progress was also hinted at in EU-U.S. trade talks, potentially involving coordinated import tariffs.
Adding to the volatile mix, retail traders reignited meme stock momentum, pushing names like GoPro and Krispy Kreme up double digits on Wednesday—echoing the speculative frenzy seen in the 2021 trading boom.
Global Markets: Asia Higher, India Lags
Markets across Asia closed mostly higher Thursday, buoyed by positive trade developments:
- Japan’s Nikkei 225 surged 1.6% to 41,826
- Topix hit a new record high at 2,977.55
- Hong Kong’s Hang Seng rose 0.5%
- China’s CSI 300 added 0.7%
In contrast, Indian markets underperformed, with the Sensex falling 0.66% and the Nifty 50 down 0.63%, pressured by weakness in IT and consumer sectors. The Nifty IT index plunged 2.2%, and Nestlé India fell over 5% due to margin worries.
Meanwhile, in Australia, the ASX 200 closed down 0.3% as investor sentiment cooled following Reserve Bank Governor Michele Bullock’s remarks, which dampened hopes for near-term rate cuts.
Eyes on the Earnings Calendar
Thursday’s earnings docket remains full. Before the opening bell, key reports are expected from Honeywell, Nasdaq, Blackstone, Union Pacific, and American Airlines. Later in the day, Intel, Newmont, and Boyd Gaming will headline the after-hours session.
With mixed earnings, global trade shifts, and historic political moves all in play, markets remain on a razor’s edge — balancing optimism with uncertainty.
