US Stock Futures Drop Amid US-Iran Tensions; Key Earnings Reports from Snowflake and Salesforce
Stock Market Today: S&P 500, Dow Futures Decline As US And Iran Exchange Strikes— Snowfalke, Salesforce, Costco In Focus
Image: Benzinga
U.S. stock futures declined as tensions escalated between the U.S. and Iran, with American forces striking an Iranian control station. Key earnings reports from Snowflake, Salesforce, and Costco are in focus, while the Federal Reserve is expected to maintain current interest rates. Major indices saw slight declines.
- 01U.S. stock futures fell, with the Dow Jones down 0.11% and the S&P 500 down 0.12%.
- 02Snowflake Inc. reported first-quarter revenue of $1.39 billion, surpassing estimates of $1.32 billion, leading to a 35.05% surge in premarket trading.
- 03Salesforce's stock dropped 1.86% despite a strong earnings report due to soft guidance.
- 04Marvell Technology's forecast for second-quarter adjusted EPS is between 88 cents to 98 cents, slightly below analyst expectations.
- 05Upcoming economic data includes revisions to first-quarter GDP and April's personal income and spending figures.
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U.S. stock futures experienced a decline on Thursday following a higher close the previous day, primarily influenced by rising tensions between the U.S. and Iran. An anonymous U.S. official reported that American forces struck an Iranian control station in Bandar Abbas, which was allegedly preparing to launch drones, and shot down four drones near the Strait of Hormuz. The Dow Jones fell by 0.11%, the S&P 500 by 0.12%, and the Nasdaq 100 by 0.26%. In corporate news, Snowflake Inc. saw a significant rise of 35.05% in premarket trading after reporting first-quarter revenue of $1.39 billion, exceeding analyst expectations. Conversely, Salesforce Inc. dropped 1.86% due to soft guidance despite a strong earnings beat. Analysts are also closely monitoring upcoming economic data, including GDP revisions and personal income figures. The Federal Reserve is widely expected to keep interest rates unchanged in its upcoming meeting, with a 99.1% likelihood according to market projections.
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The decline in stock futures and corporate earnings reports may influence investor sentiment and market stability.
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