Stock futures tick higher as S&P 500 nears record high: Live updates
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 25, 2025.
Jeenah Moon | Reuters
Stock futures ticked higher early Thursday as the S&P 500 remains within striking distance of its all-time high.
S&P 500 futures rose 0.3%, and the Nasdaq 100 futures climbed 0.4%. Futures tied to the Dow Jones Industrial Average ticked up 126 points, or 0.2%.
The moves come after the S&P 500 finished Wednesday's session flat but within 1% of its February record. The benchmark has rallied more than 22% since hitting a closing low in April at the peak of the U.S. tariff scare. Trade pressures have eased since then, but some on Wall Street are skeptical that the recent market momentum will carry on.
"The various macro factors that I'm looking at seem to suggest that there's no way this situation can continue," Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said on CNBC's "Power Lunch" Wednesday, citing the Israel-Iran conflict as well as President Donald Trump's tariffs and the impact of the "One Big Beautiful Bill Act" on the fiscal deficit.
Tensions in the Middle East seemed to ease after Trump said Tuesday that a ceasefire between Israel and Iran was in effect. Though the president accused both countries of violating the agreement, saying he's "not happy" with either of them, the deal has since appeared to hold. The U.S. is planning to meet with Iran next week.
On the economic front, investors are eyeing weekly jobless claims data, which is slated for release at 8:30 a.m. ET on Thursday.
Wall Street is also looking ahead to other earnings results. Walgreens is set to report before the bell Thursday, and Nike is scheduled for release after the closing bell.
Dollar Index falls to three year low
The dollar fell against a basket of major currencies on Thursday to its lowest level in more than three years.
The move comes as President Donald Trump is reportedly toying with nominating current Federal Reserve Chairman Jerome Powell's replacement as soon as the fall, according to a Wall Street Journal report.
The ICE Dollar Index slipped to its lowest level in more than three years on Thursday.
The dollar index was last at roughly 97. The euro ticked up against the dollar and hit its highest level since September 2021.
The greenback has pulled back more than 10% so far in 2025.
— Brian Evans, Nick Wells
Record watch: Where major averages stand from their all-time highs
Wall Street ‘alarmed’ and ‘depressed’ over Zohran Mamdani’s NYC mayoral primary win
To say Wall Street isn't a fan of Zohran Mamdani would be an understatement.
In fact, high-profile investors and business leaders in the Big Apple are up in arms about the stunning win by the democratic socialist in the primary to win the Democratic nomination to serve as the next New York City mayor. The three-term Assemblymember's potential victory in the November general election could bring what the Street hates most — tax hikes and tighter regulation threatening corporate and investment interests.
Philippe Laffont, founder of hedge fund Coatue Management, told CNBC that a Mamdani win could trigger another exodus of wealthy investors. Since the pandemic, a wave of wealthy residents and institutional firms have fled the nation's largest city for low-tax states such as Florida and Texas.
"Some people are going to, for sure, go," Laffont said on CNBC's "Squawk Box" Wednesday after former New York Governor Andrew Cuomo conceded the Democratic nomination. "It's not quite done yet. There's still an election. Maybe Cuomo will re-enter as an independent."
Read the full story here.
— Yun Li, Alex Harring
Micron, H.B. Fuller, Kratos Defense & Security Solutions among the stocks making moves after hours
Some stocks are making sizable moves in extended trading Wednesday:
- Micron – The maker of memory and storage products rose almost 4% after its fiscal third-quarter results topped analysts' expectations. Micron posted adjusted earnings of $1.91 per share on $9.30 billion in revenue, while analysts surveyed by LSEG were calling for $1.60 per share and $8.87 billion in revenue. The company's fourth-quarter guidance also came in better than expected.
- H.B. Fuller – The stock jumped more than 6% following the adhesive manufacturing company's latest quarterly results. The company's adjusted earnings of $1.18 per share topped the analyst estimate of $1.08 a share, per FactSet. H.B. Fuller's full-year earnings forecast also came in strong.
- Kratos Defense & Security Solutions – Shares tumbled nearly 7%. On Wednesday, the IT security company announced plans for an underwritten public offering of $500 million of its common stock.
Click here to read the complete list.
— Sean Conlon
Stock futures open little changed
U.S. stock futures opened flat on Wednesday evening.
S&P 500 futures, along with Nasdaq 100 futures, traded just below the flatline shortly after 6pm ET. Futures tied to the Dow Jones Industrial Average were also flat.
— Sean Conlon
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