U.S. stock index futures edged higher on Thursday, even a drop in Qualcomm's shares added to concerns about stretched valuations in technology stocks, while mixed economic data fueled uncertainty about the U.S. economy.

Market Snapshot

At 7:55 a.m. ET, Dow E-minis were up 20 points, or 0.04%, S&P 500 E-minis were up 11 points, or 0.16%, and Nasdaq 100 E-minis were up 35.25 points, or 0.14%.

Pre-Market Movers

Qualcomm - Qualcomm, the largest maker of smartphone processors, became the latest chipmaker to deliver an upbeat forecast and still leave investors underwhelmed. Though the company’s sales and profit forecasts handily topped Wall Street estimates, its stock slipped 1%.

Marvell Technology - SoftBank explored a potential takeover of US chipmaker Marvell Technology earlier this year, people familiar with the matter said, in what would have been the semiconductor industry’s largest-ever deal, Bloomberg reported. Marvell Technology surged 8.1%.

Arm - Chip technology provider Arm gave a fiscal third-quarter forecast that topped Wall Street's expectations, boosted by the boom in artificial intelligence computing. The shares gained 3.6%.

Snap - Snap beat third-quarter revenue estimate and said it has partnered with Perplexity AI to integrate its artificial intelligence-powered search engine into Snapchat, sending the social media firm's shares up 20%.

Duolingo forecast fourth-quarter bookings below Wall Street estimates as the company prioritizes user growth and teaching quality on its app, sending its shares tumbling 26%.

AppLovin - App marketing software firm AppLovin beat analyst estimates for the third quarter and with its Q4 sales guidance. AppLovin stock rose 9.2%.

CoreWeave - CoreWeave shares gained 2.7% in premarket trading. AI startup Vast Data has signed a $1.17 billion commercial agreement with cloud provider CoreWeave, extending their existing partnership as demand for infrastructure that powers artificial intelligence systems grows, the company told Reuters.

Fastly - Fastly shares soared 20.2% following the release of the company's impressive third-quarter results and optimistic full-year guidance. The edge cloud platform provider demonstrated strong performance, exceeding analyst expectations and boosting investor confidence.

Datadog - Shares of Datadog rose about 7% premarket on Thursday after third quarter results beat estimates and the company raised its full year 2025 outlook.

Stagwell - Stagwell stock soared 60% after announcing a partnership with Palantir Technologies to develop an AI-driven marketing platform aimed at enhancing marketing ROI for enterprise clients.

SiTime - Timing-chip maker SiTime beat expectations for the third quarter and guided much higher than views for the fourth quarter. SiTime stock rocketed 13.6%.

Metsera - Pfizer plans to sweeten its bid for Metsera, a person familiar with the matter told Reuters, after a judge denied its request to block rival drugmaker Novo Nordisk's $10 billion offer for the biotech company. Metsera shares jumped 8.9%.

Lithium Americas - JPMorgan has upgraded Lithium Americas from Underweight to Neutral and set a price target of $5.00, representing an 8.5% upside from Wednesday's closing price of $4.61. Lithium Americas shares jumped 8%.

XPeng - XPeng officially unveiled the A868, a new product from its flying car unti Aridge, at yesterday's 2025 AI Day event, following its demonstration in Dubai last month. The company also unveiled its next-generation Iron humanoid robot at yesterday's 2025 AI Day. It looked so lifelike that many questioned whether the company had hidden a real person inside the demonstration prototype. XPeng shares jumped 7.5%.

e.l.f. Beauty - e.l.f. Beauty shares plunged 22% after the cosmetics company reported second-quarter revenue that fell short of analyst expectations and issued disappointing guidance for fiscal 2026.

Chime - Chime raised its full-year revenue forecast above Wall Street estimates, as demand for its digital banking services kept growing, but the shares down 3%.

American Superconductor - $American Superconductor reported second-quarter adjusted earnings that beat analyst expectations, but shares plunged 15.9% following a significant revenue miss and guidance that failed to impress investors.

Redwire - Redwire shares fell 14.5% after the company released its third-quarter earnings report, missing analyst estimates. 

HubSpot - Marketing and sales software giant HubSpot delivered solid financial results, breezing past Wall Street’s expectations on earnings and revenue, but its stock sank 11.2% on the back of tepid guidance for the current quarter.

Fortinet - The cybersecurity company Fortinet sank 10.3% as revenue in its service segment missed expectations.

DoorDash - DoorDash reported third-quarter profit that missed Wall Street estimates as the delivery firm grapples with rising expenses and said that it would invest several hundred million dollars more in 2026 on new initiatives. The shares were down 13.7%.

Lucid - Lucid lowered its 2025 production forecast to 18,000 vehicles, interim CEO Marc Winterhoff said, as the electric-vehicle maker, like many of its rivals, grapples with a slew of supply challenges and production constraints. The shares fell 0.3%.

Robinhood - Robinhood, the online brokerage that caters to retail investors, reported a third-quarter profit that beat Wall Street expectations but fell short on cryptocurrency revenue. The firm also announced that Chief Financial Officer Jason Warnick is leaving his role in the first quarter of 2026 and will be replaced by Shiv Verma. The shares dropped 0.3%.

LegalZoom.com - LegalZoom.com reported third-quarter revenue that exceeded analyst expectations and raised its full-year outlook, sending the legal technology company soaring 25.8%.

SES AI - SES AI reported a significant revenue increase for the third quarter of 2025, surpassing analysts’ expectations. The shares jumped 12.6%.

Figma - Figma raised its annual revenue forecast, banking on the collaborative design software provider's efforts to expand its product line-up and grow its user base. The shares jumped 4.4%.

Hecla Mining - Hecla Mining shares rose 9%. The significant uptick in share value reflects investors' enthusiastic response to the company's robust third-quarter 2025 financial results, which substantially exceeded analyst expectations.

IonQ - IonQ shares rose 4.7% after it upped its revenue forecast for fiscal 2025. The College Park, Md.-based company now expects to generate between $106M and $110M in revenue, above the $91.33M estimate and well above the company's previous guidance range of $82M to $100M.

Market News

US Supreme Court Casts Doubt on Legality of Trump's Global Tariffs

U.S. Supreme Court justices raised doubts on Wednesday over the legality of President Donald Trump's sweeping tariffs in a case with implications for the global economy that marks a major test of Trump's powers.

Conservative and liberal justices alike sharply questioned the lawyer representing Trump's administration about whether a 1977 law meant for use during national emergencies gave Trump the power he claimed to impose tariffs or whether the Republican president had intruded on the powers of Congress.

But some of the conservative justices also stressed the inherent authority of presidents in dealing with foreign countries, suggesting the court could be sharply divided in the outcome of the case. The court has a 6-3 conservative majority.

The arguments, lasting more than 2-1/2 hours, came in appeals by the administration after lower courts ruled that Trump's unprecedented use of the law at issue to impose the tariffs exceeded his authority. Businesses affected by the tariffs and 12 U.S. states, most of them Democratic-led, challenged the tariffs.

US Orders 10% Flights Cut at Major US Airports Due to Shutdown

U.S. Transportation Secretary Sean Duffy said on Wednesday that he would order a 10% cut in flights at 40 major U.S. airports, citing air traffic control safety concerns as a government shutdown hit a record 36th day.

The drastic plan sent airlines scrambling to make significant reductions in flights in just 36 hours and passengers flooded airline customer service hotlines with concerns about air travel in the coming days.

Duffy said the cuts could be reversed if Democrats agreed to reopen the government.

The shutdown, the longest in U.S. history, has forced 13,000 air traffic controllers and 50,000 Transportation Security Administration agents to work without pay.

Bank of England Keeps Rates on Hold in Knife-Edge Vote That Hints at Cut Soon

The Bank of England kept borrowing costs on hold on Thursday but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut keeps the door open for a move after the government's budget later this month.

Mindful of Britain's still high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank's benchmark Bank Rate at 4.0%, the BoE said.

Most economists polled by Reuters last week had predicted a 6-3 decision by the MPC to leave Bank Rate unchanged.