US stocks fell before the bell on Thursday, pulling back from a bid for new records as AI optimism waned and markets awaited more details on President Donald Trump's tariff plans.
S&P 500 futures (ES=F) slipped about 0.2%, snapping off a three-day winning streak that saw the benchmark index close Wednesday on the verge of setting a new all-time high. Dow Jones Industrial Average Futures (YM=F) is trading fairly flat with a record still within reach.
Meanwhile, Nasdaq 100 futures (NQ=F) fell 0.5% as technology stocks struggled to regain the momentum they had driven previous day's earnings. Nvidia (NVDA) shares fall in the premarket, as tech megacap co Apple (AAPL) and Google parent Alphabet (GOOG, GOOGLE) also lost land.
Investors are still digesting the policy charge of Trump's early days, which brought Pushing AI that energizes tech names but leaves unclear when the tariffs outlined on major trading partners — a risk for inflation and stocks — could hit. The focus is now on Trump's speech at the World Economic Forum in Davos later on Thursday for more insight into “shock and awe” trade policy.
Yahoo Finance is on the ground in Davos. See the latest from the world's business leaders here.
Shares in Amazon (AMZN) and Tesla (TSLA) edged lower after business shifts from the inbound tech leaders Canada, prime tariff target for Trump. The e-commerce giant will close its warehouses in Quebec, losing around 1,700 jobs, while Tesla plans high price increases on all its EV models sold in Canada.
Eyes are on earnings to provide fill for markets, after Netflix (NFLX) set the tone. GE Aerospace (GE) shares popped after the jet engine maker reported stronger full year profits and announced plans to raise its share buybacks and dividend. But American Airlines (AAL) stock slips in the middle of a low profit forecast 2025. Quarterly reports from Texas Instruments (TXN) and Alaska Airlines (ALK) is also on the docket on Thursday.
US jobless claims rose by 6,000 to 223,000, according to the latest government data released Thursday morning. Economists had been expecting a reading of 220,000.
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