The stock market faced a downturn on Thursday as futures slipped following a three-day win streak for the S&P 500. S&P 500 futures traded down 0.56%, Nasdaq 100 futures fell 0.53%, and Dow Jones Industrial Average futures dropped 305 points, or 0.71%. Boeing shares plunged over 7% after an Air India Dreamliner 787 crashed, carrying 242 passengers.
The cause remains unknown, but the injured are receiving treatment. Oracle shares surged more than 7% in extended trading after reporting strong earnings that beat expectations on both revenue and profit. The company forecasted robust growth for its cloud infrastructure, anticipating a 70% growth rate in fiscal 2026, compared to 50% in the previous fiscal year.
On Wednesday, the S&P 500 snapped its three-day win streak with a 0.3% decline, while the tech-heavy Nasdaq dropped 0.5%. The Dow Jones Industrial Average remained mostly flat. Despite recent losses, the S&P 500 is just over 2% below its record high set in late February.
Inflation measured by consumer prices rose less than expected in May, easing concerns about runaway inflation.
Stock futures slide amid mixed results
The core Consumer Price Index (CPI), which excludes food and energy prices, also saw smaller-than-anticipated increases.
Scott Wren, senior global market strategist at Wells Fargo, highlighted various economic headwinds, including a slowing economy, potential trade negotiations, and earnings growth concerns, which could prevent the market from reaching new highs. Investors are now focusing on May’s producer price index, due at 8:30 a.m. ET on Thursday. Economic forecasts suggest a 0.2% increase in the index, with core PPI expected to grow by 0.3%.
Trade relations between the U.S. and China remain crucial, with negotiations taking center stage. Rising tensions between the U.S. and Iran are also capturing attention after President Trump expressed doubts about reaching a nuclear deal. Treasury Secretary Scott Bessent indicated a possible extension of the tariff pause for countries engaged in “good faith” negotiations, notably affecting trading partners such as the European Union.
President Trump’s tariff pause is set to expire on July 9. Oracle’s strong fiscal fourth-quarter performance saw its stock jump in after-hours trading. The software giant posted adjusted earnings of $1.70 per share, surpassing analyst expectations, and reported revenues of $15.9 billion.
The stock has gained more than 17% in the past month and over 22% in the last three months.
