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US stock futures made small moves early Thursday, as Wall Street navigated a fresh round of drama over whether President Trump would attempt to fire Fed Chair Jerome Powell. Investors also braced for another key economic pulse check and for Netflix (NFLX) to kick off this season’s Big Tech earnings reports.
Dow Jones Industrial Average futures (YM=F) slipped 0.1%, while those on the S&P 500 (ES=F) hovered just above the flatline. Nasdaq 100 futures (NQ=F) tipped up 0.1% on the heels of a record-setting session for tech stocks.
The major indexes remain at or near record highs while investors navigate a plethora of catalysts, including earnings, economic data, Trump’s tariffs, and the president’s displeasure with the Federal Reserve’s stance on interest rates.
Trump’s renewed threats to attempt to fire Powell sparked a stock selloff midday Wednesday before a reversal after he said he was “not planning” to do so. Still, the president has spent months excoriating Powell and the Fed, and investor bets suggest he is likely to continue to be disappointed in two weeks. Per the CME Group, nearly 100% of traders are expecting a rate hold amid mixed signals on inflation.
Read more: The latest on Trump’s tariffs
Meanwhile, June’s retail sales data is out Thursday, providing another snapshot of the health of the US consumer — who big banks so far this earnings season say seem to be doing just “fine.” June’s sales are expected to nudge higher after sliding in May, as consumers pulled back on “front-running” purchases ahead of expected tariff-driven price increases.
Read more: Full earnings coverage in our live blog
Finally, Netflix (NFLX) is the highlight of Thursday’s earnings docket, due after the bell. The streaming giant’s shares are on a tear so far this year. TSMC (TSM) and PepsiCo (PEP) are due to report before the bell.
LIVE 4 updates
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Netflix earnings on deck: What Wall Street is watching
Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock’s valuation a top debate on Wall Street as the streamer doubles down on live events and sports content.
Yahoo Finance’s Allie Canal reports on what to expect:
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United Airlines stock slides in wake of fresh profit guidance
United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty.
The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share.
“United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August,” United CEO Scott Kirby said in a company statement.
“The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year,” he added.
But United’s revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target.
Profit in the second quarter beat estimates, but its revenue growth fell short.
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TSMC profits soar over 60% in Q2, notching all time high
Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company.
TSMC’s robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices.
Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying.
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Oil prices bounce back from early week losses
Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers.
Reuters reports:
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