US stock futures were in a holding pattern on Thursday as investors paused to assess the optimism around AI and interest-rate cuts that has buoyed markets amid the government shutdown.
S&P 500 futures (ES=F) were little changed, coming off another record close for the broad benchmark on Wednesday as Wall Street returned to rally mode. Contracts on the Dow Jones Industrial Average (YM=F) and on the tech-heavy Nasdaq 100 (NQ=F) also drifted just below the flat line.
Meanwhile, the torrid rally in gold (GC=F) showed signs of faltering amid profit-taking, even as it held near record territory above $4,040 an ounce.
The mood is muted as the ongoing federal shutdown puts paid to scheduled data releases, including the jobless claims update due Thursday. That has put the focus more firmly on coming earnings, watched for insight into the economy’s health and to test high-running hopes for an AI boom.
PepsiCo (PEP) eked out quarterly profit and revenue beats, ushering in the third-quarter earnings season, which kicks off in earnest with big bank reports next week. Delta Air Lines (DAL) results are also on Thursday’s docket.
Investors will also listen out for what Chair Jerome Powell has to say at an event later, after minutes from the Federal Reserve’s September policy meeting out Wednesday boosted spirits. The minutes confirmed that most officials agree that at least two more rate cuts are likely this year.
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Premarket trending tickers: MP Materials, Freeport and Wolfspeed
Here’s a look at some of the top stocks trending in premarket trading:
MP Materials (MP) stock rose almost 5% before the bell on Thursday after analysts at BMO reinstated coverage of the rare earths company. It also followed news that China has introduced new curbs on its rare earth exports. MP Materials recently announced a substantial government investment and a multi-year magnet supply agreement with Apple (AAPL).
Freeport-McMoRan Inc. (FCX) shares rose 3% in premarket trading following a positive call from Wall Street. Citi analysts upgraded the shares to Buy from Hold and maintained its price target at $48 a share. “Citi expects copper to rally to $12,000/ton in [first-half 2026],” wrote Hacking.
Wolfspeed (WOLF) shares rose 10% in premarket trading on Thursday. The chipmaker recently exited a Chapter 11 protection last month.
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TSMC revenue beats Q3 forecasts, surging 30% amid AI boom
Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) posted a 30% rise in third-quarter revenue on Thursday, topping Wall Street estimates.
The jump in sales at TSMC came as Big Tech companies continue to pile into multibillion-dollar bets on AI. The world’s biggest contract chipmaker is the go-to partner for AI accelerator designers such as Nvidia (NVDA) and AMD (AMD), as well as a partner to Apple (AAPL).
Reuters reports:
Read more here.
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US approves Some Nvidia UAE sales in Trump AI diplomacy step
Nvidia (NVDA) stock rose 1% before the bell on Thursday following the news that the has approved billions of dollars of Nvidia chip exports to the United Arab Emirates. The licences mark the first permits for Nvidia AI chip sales to the Gulf nation since President Trump took office.
Bloomberg News reports:
Read more here.
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Gold pulls back after record-setting run to $4,000 an ounce
Gold (GC=F) pulled back after hitting the record mark of $4,000, doubling in value over two years, leading to a number of investors pulling gains out of the asset. The pullback showed that the precious metal is no longer being traded solely as a haven asset.
Bloomberg reports:
Read more here.
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