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Update: US Equity Futures Drop Pre-Bell as Mid-East Conflict Expands to Potentially Include Red Sea
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Thursday as traders considered the possibility of the Middle East conflict spreading to a new front in the Red Sea, lifting oil prices closer to the $100 mark.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.8%, and Nasdaq futures were 1.1% lower.The US launched attacks on Iran for the 12th consecutive day, US Central Command said in a post on X. Iran-backed Houthis in Yemen have claimed they attacked two Saudi Arabian oil tankers in the Red Sea for allegedly violating their announced blockade, in a potential new front for the war, according to multiple media reports.Alphabet's (GOOG, GOOGL) Google posted higher earnings and revenue for Q2, but the company's stock dropped 5% in premarket activity as it increased its forecasted capital expenditures to as high as $205 billion.Intel (INTC) is is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $0.22 per share on revenue of $14.44 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 5.5% at $99.27 per barrel and US West Texas Intermediate crude 4.3% higher at $90.55 per barrel.Initial jobless claims dropped to 187,000 in the week ended July 18 from 209,000 in the previous week, compared with expectations for an increase to 210,000 in a survey compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 0.3% higher. Meanwhile, the UK's FTSE 100 was down 0.5%, and Germany's DAX index was 0.8% lower in Europe's early afternoon session.In equities, Tesla (TSLA) shares fell 7.6% after the company reported an unexpected year-over-year decline in its Q2 earnings and missing analysts' consensus estimates. T-Mobile US (TMUS) stock was down 5.7% after the company posted lower-than expected Q2 revenue. Texas Instruments (TXN) shares were 4.7% lower despite the company reporting higher Q2 earnings and revenue.On the winning side, RTX (RTX) stock was up 5.9% after the company surpassed consensus estimates for Q2 adjusted earnings and net sales. Thermo Fisher Scientific (TMO) shares rose 5% after the company reported better-than-expected fiscal Q2 adjusted earnings and revenue. Lockheed Martin (LMT) stock was 4.9% higher after the company posted a Q2 beat for earnings and sales, as well as increased its 2026 EPS outlook.
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