U.S. stock futures fell on Thursday morning as rising Treasury yields and surging oil prices amid persistent tensions in the Middle East continued to weigh on investor sentiment. Meanwhile, investors assessed the earnings and outlook of chip giant Nvidia (NVDA) and big-box retailer Walmart (WMT). Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.53%, 0.37%, and 0.29%, respectively, at 8:30 a.m. EDT on May 21.
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At the time of writing, Brent crude (CM:BZ) rose 2.25% to $107.38 per barrel, while WTI crude (CM:CL) was up 2.85% to $101.04.
In Wednesday’s regular trading session, major stock indices jumped on Wednesday ahead of Nvidia’s results. The Nasdaq Composite, the Dow Jones, and the S&P 500 rose 1.54%, 1.31%, and 1.08%, respectively.
In Thursday’s pre-market trading, Walmart stock was down 3% as the company’s Q2 FY27 guidance lagged the Street’s expectations. Meanwhile, Nvidia stock was almost flat despite the semiconductor giant beating Wall Street’s Q1 estimates and boosting its dividend to $0.25. Meanwhile, shares of Rigetti Computing (RGTI), D-Wave Quantum (QBTS), Quantum Computing (QUBT), and IonQ (IONQ) jumped 14%, 15%, 11%, and 5.3%, respectively, after the Wall Street Journal reported that the government plans to award $2 billion in grants to nine firms.
In contrast, Intuit (INTU) stock fell 16% as the financial software company announced a 17% workforce reduction. The company’s Q3 earnings beat failed to impress investors.