After a rally Wednesday, stock futures were pointing lower Thursday morning, as bearish signals on U.S.-China trade, fresh Fed data, and a packed slate of earnings collide.

The Dow is leading the move down, with S&P futures slightly off and the Nasdaq hovering near flat. Gold is climbing again while volatility remains elevated. With Google (GOOGL) earnings after the bell and results already in from Procter & Gamble (PG), Merck (MRK), PepsiCo (PEP), and others, the mood is cautious as investors look for bright spots in a jittery market.

Here are stocks likely to grab the spotlight today.

Fewer laundry loads hit P&G

Procter & Gamble edged past earnings expectations Thursday morning, but the consumer giant offered a revealing read on household habits. CEO Jon Moeller told investors that U.S. consumers are pulling back on laundry — doing fewer loads — amid higher prices and growing economic pressure.

Tariff concerns also loomed over the call, with Moeller citing uncertainty around potential cost increases as a key risk to margins moving forward. Shares slipped about 1% before the bell.

Snack sales stay salty, not soft

PepsiCo topped expectations for the first quarter, boosted by resilient demand and higher prices across its beverage and snack divisions. The company reported 2.7% organic revenue growth and reaffirmed its full-year forecast, easing investor concerns about a potential consumer slowdown. Executives said demand remained solid despite macroeconomic headwinds, and shares rose modestly in premarket trading.

Merck calls out $200 million in tariff costs

Merck reported a 7% rise in first-quarter adjusted profit, reaching $2.22 per share and surpassing analyst expectations. This gain came despite a 2% decline in overall revenue to $15.5 billion, attributed to a temporary halt in Gardasil vaccine shipments to China due to reduced demand. While Gardasil sales dropped 41% to $1.3 billion, they met analyst projections. Sales of Keytruda, Merck’s cancer therapy, increased by 4% to $7.2 billion, slightly below expectations.

For 2025, Merck reaffirmed its sales forecast of $64.1 billion to $65.6 billion but slightly lowered its adjusted earnings per share estimate, citing $200 million in additional tariff costs and a charge related to a licensing deal. These costs reflect ongoing U.S. tariffs and reciprocal measures from foreign governments, particularly China.

Merck shares rose 0.8% before the bell.

Google to report after market close

After the bell, Google parent Alphabet will headline tech earnings, with investors zeroing in on cloud growth, AI monetization, and antitrust fallout.

After rising around 2.5% on Wednesday, shares looked set to open flat on Thursday.

More market swings expected

Options traders are bracing for more turbulence. According to Citigroup (C) (C+3.39%) strategists, markets are pricing in daily moves of 1% or more in the S&P 500 through at least May 23, with even sharper swings expected around key economic events. A 1.8% move is anticipated for the April jobs report, and a 1.7% swing is priced in for Fed Chair Jerome Powell’s next post-meeting news conference — a sign that volatility may be here to stay.

On Wednesday, President Trump said he believes a millionaire tax would be “disruptive.” Still, when policy whiplash erodes stock market value, it’s the wealthiest who absorb most of the immediate losses — just without any of the redistribution.

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