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Wire

Snowflake Benefits From AI-Driven Data Platform Modernization, Macquarie Says

Snowflake (SNOW) AI efforts are driving investments in data platform modernization, while the company is benefiting from accelerating data warehouse migrations, Macquarie said.The investment firm said in a note Thursday that management expects continued momentum in the core data platform business and a meaningful step-up in revenue from Snowflake's agentic front ends.Management raised fiscal 2027 product revenue guidance by 5 percentage points to 36% year over year. Macquarie raised its 2027, 2028 and 2029 product revenue estimates by 4%, 8% and 11%.The company is on the right track with its AI products and its rating balances a relatively high valuation against strong business fundamentals, according to the research note.Macquarie raised its price target to $350 from $200 on Snowflake, while maintaining a neutral rating.Shares of Snowflake were down 3.7% in Friday afternoon trading.Price: $343.15, Change: $-13.33, Percent Change: -3.74%

$SNOW
Asia Markets

Update: US Equity Indexes Jump as Sliding Odds for Fed Policy Tightening in September Push Treasury Yields Lower

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes rose in a broad-based rally as falling odds of the Federal Reserve increasing interest rates later this month pushed government bond yields lower.The Nasdaq Composite rose 1.4% to 26,584.06, the S&P 500 climbed 1.1% to 7,747.71, and the Dow Jones Industrial Average advanced 1.2% to 53,686.11 on Thursday. All sectors rose except energy, materials and consumer staples. Communication services, consumer discretionary and financials topped the gainers.Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next Federal Open Market Committee meeting in September if the August inflation print shows progress toward the central bank's 2% goal."Yields retreated in reaction to Waller's latest comments," Lindsey Piegza, chief economist at Stifel, said in a note. "The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month."The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September slumped to 50% after midday Thursday from 63% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.Treasury yields fell, with the 10-year down 2.4 basis points to 4.77% and the two-year lower by 4.6 basis points to 4.34%.Gold futures surged 2.4% to $4,518.3, and silver futures soared 3.2% to $67.53.In company news, Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday. Palantir shares jumped 7.7%, the top gainer on the S&P 500 and the Nasdaq.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blog post.Snowflake (SNOW) shares soared 17% as the cloud-based data platform lifted its full-year product revenue outlook. Snowflake could see faster revenue growth as business use of AI increases demand for data products, and strong usage and backlog trends combined with wider AI adoption could push growth above current expectations, UBS said in a note.In geopolitical news, the US and Iran have intensified tit-for-tat military strikes in recent days, remaining locked between ceasefire and all-out war as the White House struggles to end the six-month conflict, Bloomberg reported. Iran said it attacked bases in Kuwait and the United Arab Emirates "in response to America's crimes against the Iranian people," Al Jazeera, a Middle Eastern broadcaster, reported.In economic news, initial jobless claims rose sequentially to 206,000 during the week ended Aug. 29 from an upwardly revised 204,000, compared with expectations for an increase to 205,000 in a Bloomberg-compiled survey. The four-week moving average rose by 1,500 to 207,250.The Institute for Supply Management's US services index rose to 55.4 in August from 54.1 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index now sits at its highest since February, before Operation Epic Fury and the run-up in energy prices from the closure of the Strait of Hormuz, according to a Jefferies note.

Dow JonesNasdaq CompositeS&P 500$NVDA$PLTR$SNOW
Update: Dow Marks Best Day in More Than 4 Weeks as Rate Hike Bets Ease
US Markets

Update: Dow Marks Best Day in More Than 4 Weeks as Rate Hike Bets Ease

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average and the S&P 500 rose the most in more than four weeks on Thursday as traders tempered expectations for a September interest rate hike.The Dow advanced 1.2% to close at 53,686.11, while the S&P 500 climbed 1.1% to 7,747.71 -- both marking their biggest single-day percentage gains since Aug. 4. The Nasdaq Composite rose 1.4% to 26,584.06. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now almost evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday."The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month," Stifel Chief Economist Lindsey Piegza said in a note e-mailed to.Treasury yields were lower, with the two-year yield down 4.6 basis points at 4.34% and the 10-yield yield falling 2.2 basis points to 4.77%.West Texas Intermediate crude oil was up 0.8% at $91.72 a barrel in Thursday late-afternoon trade, while Brent edged up 0.2% to $95.80.The Kuwaiti military said Thursday it was confronting missile and drone attacks from Iran.Earlier this week, the US Central Command said that its forces completed a wave of strikes against Iranian military targets.In company news, shares of Broadcom (AVGO) fell 2.7% after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 17% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 10%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 7%.In economic news, US job cut announcements in August hit the lowest total for the month in four years, Challenger, Gray & Christmas said, ahead of the official jobs report due Friday.The US economy likely added 55,000 nonfarm jobs in August, compared with a loss of 23,000 reported for the month prior, according to a Bloomberg poll. The unemployment rate seen holding at 4.1%.Spot gold rose 2.1% to $4,471.47 per troy ounce, while silver advanced 3.2% to $67.58 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$SNOW
Asia Markets

Update: US Equity Indexes Rise as Plunging Fed Policy Tightening Odds Send Treasury Yields Lower

(Updates with index/price moves and company news from the first paragraph.)US equity indexes rose in a broad-based rally as a fall in market expectations for an interest-rate increase this month pushed government bond yields lower.The Nasdaq Composite rose 1.3% to 26,555.7, the S&P 500 climbed 1% to 7,740.9, and the Dow Jones Industrial Average advanced 1.2% to 53,675.5 ahead of Thursday's close. All sectors except energy and materials rose. Communication services, consumer discretionary and financials topped the gainers.Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next Federal Open Market Committee meeting in September if the August inflation print shows progress toward the central bank's 2% goal."Yields retreated in reaction to Waller's latest comments," Lindsey Piegza, chief economist at Stifel, said in a note. "The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month."The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September slumped to 50% after midday Thursday from 63% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.Treasury yields fell, with the 10-year down 2.6 basis points to 4.77% and the two-year lower by five basis points to 4.34% in the final leg of trading.In company news, Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday. Palantir shares jumped 8.1%, the top gainer on the S&P 500 and the Nasdaq.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blog post.Snowflake (SNOW) shares soared 18% as the cloud-based data platform lifted its full-year product revenue outlook. Snowflake could see faster revenue growth as business use of AI increases demand for data products, and strong usage and backlog trends combined with wider AI adoption could push growth above current expectations, UBS said in a note.

Dow JonesNasdaq CompositeS&P 500$NVDA$PLTR$SNOW
Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.1%.The Philadelphia Semiconductor Index was fractionally higher.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 2%.Palantir (PLTR) and PwC expanded their strategic alliance to help companies deploy AI tools, PwC said Thursday. Palantir shares added 8.4%.Snowflake (SNOW) shares jumped 18% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 2.3% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.

$AVGO$NVDA$PLTR$SNOW
Wire

Snowflake AI Demand Seen Driving Faster Growth, UBS Says

Snowflake (SNOW) could see faster revenue growth as business use of AI increases demand for its data products, while strong usage, backlog trends and wider AI adoption could push growth above current expectations, UBS said in a note Wednesday.Snowflake's Q3 guidance points to product revenue growth of about 43% if the company delivers a typical beat, which would mark another acceleration from recent quarters; however, Snowflake's guidance may still be cautious, as stronger use of newer AI products has made revenue harder to predict, UBS said.AI usage, rather than large customer renewals, appears to be the main driver of stronger demand and could help Snowflake exit Q4 with product revenue growth above 42%, according to the note.Snowflake also shows that AI spending is expanding beyond chips and hardware into cloud infrastructure and data software as more companies build AI into their operations, the investment firm said.UBS maintained its buy rating for Snowflake and raised its price target to $500 from $425.Price: $365.88, Change: $+60.04, Percent Change: +19.63%

$SNOW
Wire

Top Midday Gainers

ChargePoint (CHPT) shares jumped 74% amid heavy trading after the company reported a narrower Q2 loss and higher revenue late Wednesday.Intraday trading volume catapulted to over 33.6 million from a daily average of about 605,000.Snowflake (SNOW) lifted its full-year product revenue outlook and reported fiscal Q2 results above market expectations.Shares surged 21%, with intraday trading volume rising to over 15.6 million from a daily average of roughly 5.5 million.Palantir Technologies (PLTR) and PwC expanded their strategic alliance to help enterprises deploy artificial intelligence tools across critical business operations, PwC said Thursday.Shares rose 8%, with intraday trading volume at over 26.7 million, versus a daily average of about 41.0 million.Price: $8.89, Change: $+3.70, Percent Change: +71.19%

$CHPT$PLTR$SNOW
Sectors

Sector Update: Tech Stocks Rise Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%.The Philadelphia Semiconductor index was down 0.3%.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 1.3%.Snowflake (SNOW) shares jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 3.5% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.

$AVGO$NVDA$SNOW
Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move
US Markets

Equities Jump Intraday, Yields Fall as Markets Split Over Fed's Next Move

US benchmark equity indexes were advancing intraday and Treasury yields dropped as markets remained split over the Federal Reserve's next move.The Nasdaq Composite was up 1.3% at 26,569.6 after midday Thursday, while the Dow Jones Industrial Average rose 1.1% to 53,653.9. The S&P 500 climbed 1% to 7,744.5. The indexes finished the previous trading session higher, snapping a three-day losing streak.Except materials all sectors were in the green intraday Thursday, led by consumer discretionary.Treasury yield were lower intraday, with the two-year yield down 4.8 basis points at 4.34% and the 10-yield yield falling 3.8 basis points to 4.76%.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday.West Texas Intermediate crude oil rose 0.5% to $91.45 a barrel intraday, while Brent was little changed at $95.66.In company news, shares of Broadcom (AVGO) fell 2.9% intraday after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 9.3%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 9.4%.Spot gold rose 2.4% to $4,487.83 per troy ounce, while silver advanced 3.4% to $67.66 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$SNOW
Wire

Snowflake Product Revenue Growth Accelerates on Broad-Based Demand, AI Momentum, Oppenheimer Says

Snowflake (SNOW) is seeing broad-based demand across customers, workloads and geographies, with accelerating product revenue growth, AI adoption and data migration activity reinforcing confidence in its platform strategy and supporting further upside, Oppenheimer said.The brokerage said in a note Wednesday that a meaningful increase in AI-related revenue, growing adoption of CoCo and CoWork, and stronger migration activity are helping drive consumption growth.Oppenheimer added that demand trends remain broad-based rather than concentrated in AI alone, while AI tools are creating a flywheel that is accelerating core platform usage.The investment firm raised its estimates after results topped expectations and said management's guidance is based on observed customer behavior, leaving room for additional upside if current trends persist. It added that the AI opportunity remains in its early stages, with observability and Postgres-related offerings not yet contributing meaningfully.Oppenheimer raised its price target on Snowflake to $475 from $400, with an outperform rating.The company's shares were up nearly 22% in Thursday afternoon trading.Price: $372.38, Change: $+66.54, Percent Change: +21.76%

$SNOW
Wire

Update: Morgan Stanley Adjusts Snowflake Price Target to $470 From $300, Maintains Overweight Rating

(Updates with the analyst's commentary.)Morgan Stanley raised the price target on Snowflake (SNOW) to $470 from $300 while maintaining its overweight rating.The brokerage said acceleration for a third quarter in a row "against a tough compare + high expectations" highlight how well artificial intelligence (AI) is performing in the core platform.Snowflake raised fiscal full-year 2027 product revenue guidance by $230 million, compared with the $74 million Q2 beat, the brokerage said.The company's AI strategy also allows for addressing cases "previously unavailable," including "finance or supply-chain optimization," Morgan Stanley said in its note.Snowflake has an average rating of buy and mean price target of $422.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $367.76, Change: $+61.92, Percent Change: +20.25%

$SNOW
Wire

Snowflake Product Revenue Growth Accelerates on AI Momentum, RBC Says

Snowflake (SNOW) delivered strong fiscal Q2 results, with product revenue growth accelerating as the AI flywheel gains momentum at scale, RBC Capital Markets said Thursday.Product revenue growth accelerated to 37% in fiscal Q2 from 34% in fiscal Q1 and 30% in fiscal Q4, while fiscal 2027 product revenue growth guidance was raised to 36% from 31%, according to the note.Results continue to benefit from AI tailwinds driving core platform value and AI products, as early adoption remains impressive. This is expanding the total addressable market and the range of buying personas.AI accounted for approximately half of the revenue beat in fiscal Q2, with AI-powered coding and workflow agent CoCo exceeding 9,100 accounts after adding over 2,000 in the quarter, while migration acceleration, Notebooks, app deployment and AI functions were meaningful contributors to the other half, the note added.RBC kept an outperform rating on Snowflake and raised its price target to $440 from $372.Shares of Snowflake rose more than 20% in Thursday afternoon trading.Price: $367.72, Change: $+61.88, Percent Change: +20.23%

$SNOW
Wire

Top Midday Stories: Nvidia to Acquire Hugging Face for $12.93 Billion; Broadcom Q3 Adjusted Earnings, Guidance Top Estimates

All three major US stock indexes were up in late-morning trading Thursday, while the rise in Treasury yields eased, after Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next meeting of the Federal Open Market Committee in September.In company news, Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said Thursday in a blog post. Nvidia shares were up 1.1% around midday.Broadcom (AVGO) reported fiscal Q3 adjusted earnings late Wednesday of $3.32 per diluted share, up from $1.69 a year earlier and above the FactSet consensus analyst estimate of $3.22. Fiscal Q3 revenue was $29.59 billion, up from $15.95 billion a year ago and above the FactSet consensus of $29.24 billion. For fiscal Q4, the company expects revenue of about $34.8 billion, above the FactSet consensus of $34.68 billion. Broadcom shares were down 5.4%.Snowflake (SNOW) reported fiscal Q2 net income late Wednesday of $0.62 per diluted share, up from $0.35 a year earlier and above the FactSet consensus of $0.45. Fiscal Q2 revenue was $1.547 billion, up from $1.145 billion a year ago and above the FactSet consensus of $1.48 billion. For fiscal Q3, the company expects product revenue of $1.588 billion to $1.593 billion, above the FactSet consensus of $1.50 billion. For fiscal 2027, Snowflake expects product revenue of $6.07 billion, up from its prior forecast of $5.84 billion and above the FactSet consensus of $5.85 billion. Snowflake shares were up 21%.Blackstone (BX) Private Credit Fund received an estimated $4.3 billion of repurchase requests in Q3, representing roughly 10% of shares outstanding, but will fulfill buyback requests representing just 5%, the fund said Thursday in a letter to investors. Blackstone shares were down 0.7%.Campbell's (CPB) reported fiscal Q4 adjusted EPS Thursday of $0.39, down from $0.62 a year earlier and matching the FactSet consensus. Fiscal Q4 net sales were $2.14 billion, down from $2.32 billion a year ago and matching the FactSet consensus. For fiscal 2027, the company expects adjusted EPS of $1.65 to $1.80 and a decline in net sales of 2% to 4%. Analysts expect adjusted EPS of $1.83. Campbell's also lowered its quarterly dividend to $0.25 per share from $0.39 per share the prior quarter. Campbell's shares were down 10.6%.Price: $226.81, Change: $+2.40, Percent Change: +1.07%

$AVGO$BX$CPB$NVDA$SNOW
Wire

Snowflake Shows AI-Powered Growth in Q2, Morgan Stanley Says

Snowflake (SNOW) delivered strong fiscal Q2 results with product revenue accelerating for a third straight quarter and beating consensus, Morgan Stanley said in a report Thursday.The results, against a tough compare and high expectations, showed just how well AI is monetizing and driving greater consumption in the core platform, the report said.The note also said Q3 guidance for product revenue growth of 37% to 38% implies further acceleration from 37% in Q2.The strong performance was broad-based, with management attributing about 50% of the acceleration to AI products and the balance to the core platform, the report said.Morgan Stanley reiterated its overweight rating and raised its price target to $470 from $300, citing strong execution and line of sight to 40% growth in H2.Price: $370.76, Change: $+64.92, Percent Change: +21.23%

$SNOW
Wire

Snowflake's Q2 Results Easily Cleared High Expectations Bar, BofA Says

Snowflake (SNOW) delivered solid fiscal Q2 results with the company's Product revenue growth increasing to 37% year on year from 34% in Q1, BofA Securities said in a note Thursday.The investment firm said that the key debate ahead of Q2 results was whether the company's Product revenue would keep growing, which it did, and Snowflake's Q3 outlook also implies more acceleration.Also, Snowflake's management has now issued guidance for Q3 Product revenue growth of between 37% and 38%, and "assuming execution remains consistent with recent trends, even a modest 2% beat would place growth above 40%, below the 5%+ beat rates delivered in each of the past two quarters," the note said.BofA added that investors will now increasingly expect Product revenue growth between the high-30s and the low-40s, which should support a rerating.The investment firm noted the main downside risk for Snowflake is if the market views fiscal 2027 strength as unsustainable and starts expecting a potential slowdown in fiscal 2028. BofA said, however, that it believes that risk is "limited" due to the strength of the company's remaining performance obligations, as well as "AI product adoption, and faster cohort ramps."BofA reiterated the company's buy rating and lifted the price target to $470 from $395.Price: $369.69, Change: $+63.85, Percent Change: +20.88%

$SNOW
Wire

BofA Securities Lifts Snowflake Price Target to $470 From $395, Maintains Buy Rating

Snowflake (SNOW) has an average rating of buy and mean price target of $408.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $372.80, Change: $+66.96, Percent Change: +21.89%

$SNOW
Sectors

Sector Update: Tech Stocks Lean Lower Premarket Thursday

Technology stocks were leaning lower premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) slightly declining and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.3%.Snowflake (SNOW) shares were up more than 23% after the company reported higher fiscal Q2 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.Broadcom (AVGO) stock was down more than 3% even after the company posted higher fiscal Q3 adjusted earnings and revenue.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blogpost. Nvidia shares were 0.7% higher pre-bell.

$AVGO$NVDA$SNOW$XLK$XSD
Sectors

Sector Update: Tech

Technology stocks were mixed premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.1% higher and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.4%.Snowflake (SNOW) shares were up more than 23% after the company reported higher fiscal Q2 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.

$SNOW
Asia Markets

Update: US Equity Futures Higher Pre-Bell as Traders Monitor Bond Yields, Oil Prices

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Thursday as traders continued to monitor bond yields and oil prices.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.1% higher.The US 10-year Treasury note yield lingered around 4.78%. New York Federal Reserve President John Williams told CNBC Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction. He added that he is taking a "wait-and-see" approach on a potential interest rate hike.Traders digested the latest round of earnings, with Ciena (CIEN) posting higher fiscal Q3 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.4% at $97 per barrel and US West Texas Intermediate crude 2% higher at $92.79 per barrel.The US international trade deficit, released at 8:30 am ET, widened to $88.58 billion in July from the revised $71.18 billion gap in June, compared with a $90.2 billion gap expected in a survey compiled by Bloomberg. The weekly jobless claims bulletin showed 206,000 new unemployment claims for the week ended Aug. 29, compared with the upwardly revised figure of 204,000 in the prior week, and the 205,000 expected.Q2 nonfarm productivity increased at a 1.4% annual rate as expected, while unit labor costs increased 1.2%, compared with the 1.3% gain expected.The S&P Global purchasing managers' index composite final report for August is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Christopher Waller and Cleveland President Beth Hammack are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.4% lower, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.1% higher in Europe's early afternoon session.In equities, Tesla (TSLA) shares rose 1.7% after a Reuters report citing French Transport Minister Philippe Tabarot as saying that the company has begun on-road tests of its Full Self-Driving system in France. Snowflake (SNOW) stock was up more than 24% after the company posted late Wednesday better-than-expected fiscal Q2 results and raised its fiscal 2027 product revenue guidance. Ciena shares were 2.4% higher after the company reported a fiscal Q3 adjusted earnings and revenue beat.On the losing side, Broadcom (AVGO) stock was down 3% after the company reported its fiscal Q3 financial results on late Wednesday. Hewlett Packard Enterprise (HPE) shares dropped 4.7% despite the company posting higher fiscal Q3 non-GAAP earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$HPE$SNOW$TSLA
Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments
US Markets

Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments

US equity markets were mostly pointing lower before the opening bell Thursday as traders continue to monitor the latest developments in the Middle East.The S&P 500 edged down 0.1%, and the Nasdaq was off 0.2% in premarket activity, while the Dow Jones Industrial Average nudged 0.1% higher. The indexes finished the previous trading session in the green, snapping a three-day losing streak.President Donald Trump told reporters on Wednesday that renewed attacks against Iran aren't likely to last "too long," according to multiple media outlets. US forces struck Iranian military targets earlier in the week."We took out all of the new equipment that they tried to build along the Strait of Hormuz -- some defensive, some offensive," Trump reportedly said, according to Bloomberg News. "It was a very heavy attack last night, and we're prepared to do another one any time we want."Top officials in the Trump administration are seeking to prevent the war with Iran from escalating ahead of November's midterm elections, while considering ramping up military action after the vote, Reuters reported Wednesday, citing people familiar with the discussions.Kuwait's army said Thursday it was intercepting missile and drone attacks from Iran targeting US bases in the country, CNBC reported.West Texas Intermediate crude oil rose 1.7% to $92.52 a barrel before the open, while Brent increased 1.6% to $97.16.Treasury yields were trending lower in premarket action, with the two-year rate retreating 1.1 basis points to 4.38% and the 10-year rate decreasing 0.8 basis points to 4.79%.Federal Reserve Bank of New York President John Williams told CNBC in an interview on Wednesday that the recent spike in Treasury yields reflects a strong economy, not market dysfunction.Employers in the US announced 52,881 layoffs in August, up 58% from the month prior but down 38% year over year, according to Challenger, Gray & Christmas' latest report. US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed Wednesday.Thursday's economic calendar also has the weekly jobless claims bulletin and the international trade in goods and services report for July at 8:30 am ET. The purchasing managers' index composite final report from S&P Global (SPGI) for August is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.Federal Reserve Governor Christopher Waller is scheduled to speak at 8:30 am, while Cleveland Fed President Beth Hammack speaks at 3 pm.Shares of Broadcom (AVGO) and Hewlett Packard Enterprise (HPE) declined 3.3% and 3.7%, respectively, pre-bell after reporting their latest financial results. Snowflake (SNOW) jumped 24% as the firm lifted its full-year product revenue outlook.Ciena (CIEN), Toro (TTC), Campbell's (CPB) and Victoria's Secret (VSXY) are expected to release their quarterly earnings before the bell, among others. Zscaler (ZS), Guidewire Software (GWRE), Lululemon Athletica (LULU), DocuSign (DOCU) and UiPath (PATH) post their results after the markets close.Gold gained 1.2% to $4,469 per troy ounce, while bitcoin increased 0.5% to $77,597.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$DOCU$GWRE$HPE$LULU$PATH$SNOW$TTC$VSXY$ZS

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