Dow Jones Today: Stock Futures Slip After Two Days of Big Gains as Investors Digest Flurry of Earnings, Await News on Tariffs

Stock futures moved slightly lower on Thursday morning as investors reacted to a barrage of earnings reports from major companies and awaited developments on tariffs. 

Futures tied to the Dow Jones Industrial Average were recently down 0.5%, while those linked to the S&P 500 and tech-heavy Nasdaq declined 0.3% and 0.1%, respectively. Stocks are coming off of two straight days of hefty gains sparked by hopes President Donald Trump will scale back some of his tariff proposals and significantly cut the 145% levy that’s already in place for Chinese imports.

Companies releasing quarterly results were among the noteworthy movers in premarket trading Thursday. International Business Machines (IBM) was down 6%, while Procter & Gamble (PG) and Comcast (CMCSA) slipped 1% and 4%, respectively. Southwest Airlines (LUV) dropped 4% and American Airlines (AAL) was off 1%. On the positive side, Texas instruments (TXN) and ServiceNow (NOW) each rose about 9% after reporting earnings.

Shares of the world’s largest technology companies were hovering near unchanged this morning. Apple (AAPL), Alphabet (GOOG), Meta Platforms (META), Tesla (TSLA) and Broadcom (AVGO) were all slightly lower, while Microsoft (MSFT), Nvidia (NVDA) and Amazon (AMZN) each added less than 1%. Alphabet is slated to release its results after the closing bell today.

Intel (INTC) which is also scheduled to report earnings this evening, was up nearly 2% ahead of the bell. Other chip stocks were also gaining ground, with On Semiconductor (ON), Lam Research (LRCX) and Microchip Technology (MCHP) all rising more than 4%.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.5% at 99.40 this morning, losing ground for the first time in three days. The index on Monday hit 97.92, its lowest level since March 2022, as concerns about tariffs and their potential impact on the U.S. economy weighed on sentiment.

The yield on the 10-year Treasury note, which influences borrowing costs on all sorts of loans, notably mortgages, was at 4.35%, down from 4.39% at Wednesday’s close.

Bitcoin was lower this morning after two straight days of gains that pushed its price to the highest level since early March. The digital currency was at $92,600, down from an overnight high of about $94,000.

Gold futures, which fell sharply yesterday after hitting a record high of around $3,500 an ounce early Tuesday, were recently up 1.7% at $3,350. West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.3% to $63.10 per barrel.