01 Stock Market

S&P 500 futures fell on Thursday as Alphabet and Qualcomm both slumped following earnings announcements and cryptocurrency losses mounted.

Futures tied to the broad market index and Nasdaq 100 futures declined 0.5% and 0.7%, respectively. Dow Jones Industrial Average futures shed 144 points, or 0.3%.

Notable Stock Movers: Chip and AI bellwethers traded mixed ahead of the bell following earnings and guidance updates. QCOM fell 10% after a cautious outlook tied to memory constraints; GOOGL fell 4% as heavier AI capex weighed on sentiment; MSFT fell 1.70% at $407.13. Offsetting strength appeared in select semis: AVGO up 3.08% at $317.53; NVDA down 0.1%; AMD down 0.7%. Tesla, Micron, Amazon fell 2%, while COIN fell 4.19% at $161.56. In large-cap consumer tech, AAPL fell 0.37% at $275.46.

China ADRs with news catalysts outperformed peers: BIDU rose on shareholder-return plans, while EVs firmed with NIO up 7% and XPEV up 2.15% at $17.13. Within storage and chip-adjacent plays, flows rotated into quality, though breadth remained mixed as investors recalibrated earnings power against AI-driven capex and supply dynamics. Overall, leadership was narrow with stock-specific gaps dominating early positioning. Alibaba up 2%.

02 Other Markets

• 10-year U.S. Treasury yield fell 0.20%, to 4.27%.

• U.S. Dollar Index rose 0.21% to 97.84.

• WTI crude oil futures fell 1.57% to 64.12 USD/barrel; COMEX gold futures fell 1.79% to 4862.20 USD/ounce.

03 Key News

Bitcoin Continues Downward Spiral, Briefly Falls Below $70K

Bitcoin continued to be in a selloff mode, as the cryptocurrency dropped below the $71K mark.

The world's oldest digital currency fell 4.10% to $70,075.94 at the time of writing, and had briefly fallen below that mark to $69,885.27.

Bitcoin slid on Tuesday to its lowest level ($72,877) since U.S. President Donald Trump’s re-election in early November 2024, a period that initially fueled optimism around a more crypto-friendly administration.

Starlink Fuels SpaceX Growth with Potential Phone, More Internet Services

With a SpaceX IPO expected this year, the company has plans for its revenue-generating Starlink business that could expand its reach into new markets, including a Starlink phone, direct-to-device internet and a space-tracking service, sources familiar with the matter said.

The star of Elon Musk's empire, SpaceX is quickly expanding on the momentum with its speedy satellite production line with Starlink and its reusable rockets. Those two forces would help realize Musk's plans to build data centers that orbit Earth, a costly bet underpinning SpaceX's recently announced merger with xAI.

US Software Stocks Stabilize After Bruising Selloff on AI Disruption Fears

Software and data services stocks stabilized on Thursday after a bruising selloff, as investors looked for clues on whether fast-advancing artificial intelligence tools are starting to dent demand for traditional software and subscription businesses.

ServiceNow fell 1%, Salesforce fell 0.3%, while Microsoft dipped 2% in premarket trading after sharp falls earlier this week. The S&P 500 software and services index has shed more than $800 billion in market value over the past six sessions.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data

Disclaimer: For informational purposes only; not investment advice.