U.S. stock futures trended higher on Thursday morning, following a rebound in artificial intelligence (AI) and tech-related stocks yesterday, as valuation concerns eased. Investors are now awaiting the Supreme Court’s decision on the legality of the Trump administration’s tariffs. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.16%, 0.18%, and 0.06%, respectively, at 8:26 a.m. EST on November 6.
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During Wednesday’s regular trading session, all three major indexes closed higher, primarily led by gains in tech and momentum stocks on improved sentiment as fears over inflated tech stock valuations eased. The Nasdaq Composite, the Dow Jones, and the S&P 500 gained 0.65%, 0.48%, and 0.37%, respectively.
Meanwhile, the Supreme Court heard arguments challenging the legality of President Donald Trump’s tariffs, but did not make a decision yesterday. It is uncertain when the court will announce its ruling, although the Trump administration has requested a faster decision. The outcome could have significant implications for trade policy, supply chains, and inflation expectations.
Coming to trending stocks, Snap (SNAP) shares rallied over 20% in Thursday’s pre-market trading on the social media platform’s Q3 earnings beat and partnership with Perplexity AI. AppLovin (APP) stock was up 8% on solid Q3 results and a strong outlook. Lyft (LYFT) stock gained 7% in pre-market trading on the ride-sharing company’s strong bookings forecast.
Meanwhile, Qualcomm (QCOM) stock was down more than 1% as concerns about the loss of business from Samsung (SSNLF) overshadowed better-than-expected results.
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