US stocks slip as oil jumps and Big Tech earnings mixed

US stock futures came under pressure before the bell on Thursday as oil prices surged and earnings from four Big Tech companies cemented optimism for a continued boom in AI demand.

Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech stocks, fell 0.5% or around 250 points, News.Az reports, citing foreign media.

Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both traded broadly flat after a lackluster Wednesday for Wall Street stocks.

Oil prices reached an Iran war high on a report that President Trump is looking at fresh military options, stoking concerns of an escalation in hostilities.

Brent (BZ=F) crude futures traded above $112 a barrel, after soaring as much as 7% to top $126 following the Axios report.

West Texas Intermediate crude (CL=F) futures neared $108 at last check, amid dampened hopes for an easing in Strait of Hormuz restrictions and on prospects for peace.

Investors were also assessing a round of results from “Magnificent Seven” tech megacaps released after the market close on Wednesday. Meta (META) shares dropped almost 7% after it reported weaker-than-expected capital spending and slower user growth. Microsoft (MSFT) shares slipped 1% even as it beat expectations for both revenue and profit.

Meanwhile, Alphabet (GOOG) rose about 7% after reporting stronger-than-expected revenue and solid growth in its Google Cloud business. Amazon (AMZN) gained 2% after beating estimates, supported by strong cloud computing revenue.

Mag 7 earnings continue Thursday with Apple scheduled to report after the market closes. Markets are focused on the impact of AI expenditure for revenue streams.

News.Az 

By Nijat Babayev