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Stock futures fell on Thursday, weighed by a spike in crude prices and Treasury yields, while traders weighed whether Nvidia’s earnings report met the high bar set for the artificial intelligence titan.
Futures for the Dow Jones Industrials lost 100 points, or 0.2%, to 49,994
Futures for the S&P 500 faded 16.75 points, or 0.2%, to 7,435.
Futures for the NASDAQ sank 108.75 points, or 0.4%. to 29,283,50.
Crude prices jumped after Reuters reported, citing sources, that Iran’s supreme leader issued a directive to keep enriched uranium within the country — further complicating the outlook to a resolution to the U.S.-Iran war. West Texas Intermediate futures were up 2.9% at $101.04 per barrel. Brent crude popped 2.3% $107.36.
The oil spike was followed with a move higher in Treasury yields, as traders grow fearful or rising inflation. The benchmark 10-year Treasury note yield climbed five basis points to 4.615%. The 30-year bond yield advanced three basis points to 3.665%.
Traders on Thursday also assessed Nvidia’s latest quarterly report. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to 25 cents. But investors have come to expect the chipmaker to beat estimates and raise its outlook amid the AI boom.
Nvidia shares were last down slightly.
In Japan, the Nikkei 225 hiked 3.1% Thursday, while the Hang Seng index in Hong Kong stumbled 1%.
Oil prices gained $2.09 to $100.35 U.S. a barrel.
Gold prices slid $20.20 to $4,515.10 U.S an ounce.
