
U.S. stock futures moved lower early Thursday after the S&P 500 and Nasdaq closed at fresh record highs in the previous session. The pullback was driven partly by mixed after hours earnings reactions.
Wednesday’s rally had been supported by President Donald Trump’s extension of the U.S.–Iran ceasefire, which helped lift sentiment and push major indexes to new highs. However, geopolitical tensions remain unresolved, with stalled peace talks and reports that Iran seized two container ships in the Strait of Hormuz.
Despite the uncertainty, the broader earnings season has remained strong, with a large majority of reporting S&P 500 companies beating expectations. Investors now turn to more earnings reports and upcoming PMI economic data for the next direction in markets.
Tesla reported better-than-expected earnings for the first quarter, but revenue missed forecasts, creating a mixed market reaction. Earnings per share were 41 cents vs. 37 cents expected. While revenue stood at $22.39 billion vs. $22.64 billion expected
The stock initially rose after the results, but gains faded after Tesla said 2026 spending will be $5 billion higher than previously guided. Revenue still grew 16% year-over-year, helped by its automotive business, and Tesla confirmed plans for more affordable versions of the Model Y and Model 3.
Asian markets were mostly higher on Thursday, with Japan and South Korea hitting record highs, supported by Wall Street gains, strong earnings, and improved sentiment after President Donald Trump extended the ceasefire with Iran. Japan’s Nikkei 225 touched a new intraday record before easing on profit taking. Strong domestic data showed Japanese manufacturing expanded at its fastest pace in four years. South Korea’s Kospi also reached an all-time high, helped by stronger-than-expected GDP growth in the first quarter.
In the crypto market, Bitcoin briefly climbed to $79,388 before pulling back near $77,800, making it the only major cryptocurrency in positive territory over the past 24 hours and one of the strongest weekly performers. Broader market uncertainty is being fueled by Middle East tensions, including the U.S. naval blockade near Iran, attacks in the Strait of Hormuz, and stalled ceasefire diplomacy. If Bitcoin falls below $76,000, it could signal a short-term top unless geopolitical sentiment improves or stronger capital flows return to the market.
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