U.S. stock futures ticked lower Thursday morning after oil prices momentarily rose above $100 per barrel, as a global release of strategic crude stores did little to calm market unease over tanker traffic disruptions connected to tensions involving Iran.
By 06:38 ET (10:38 GMT), futures were down across the board - the Dow futures contract fell by 251 points, or 0.5%, S&P 500 futures were down 28 points, or 0.4%, and Nasdaq 100 futures declined by 92 points, or 0.4%.
Premarket movers reflected the uneven market tone. Below is a snapshot of notable stock action ahead of the opening bell:
- Oil producers - Exxon Mobil, Chevron, and ConocoPhillips traded slightly higher in premarket sessions as oil prices stayed elevated despite trimming some earlier gains. Chemical and fertilizer names also showed modest upticks.
- Blue Owl Capital - The asset manager fell after confirming its decision to sell $1.4 billion of loans from three of its funds, drawing attention amid recent concerns about the private-credit sector.
- Bumble - Shares jumped following a fiscal first-quarter report in which core earnings outperformed expectations; analysts also noted anticipation for a planned product overhaul later in the year.
- Lightwave Logic - The stock surged after securing a development agreement with Tower Semiconductor.
- Dollar General - Shares slipped as an annual sales forecast that was in line with company guidance disappointed some investors, particularly after a recent sharp appreciation in the stock.
- UiPath - The software company declined after analysts, reported by Bloomberg News, flagged concerns about its future growth prospects despite a solid quarterly earnings report.
- Petco - Shares rose after first-quarter core adjusted income exceeded analyst estimates.
- Eli Lilly - The drugmaker was marginally lower after saying compounded weight-loss drugs that contain the main ingredient found in its Zepbound could pose health risks because of a previously unknown impurity in their preparation.
Separately, a market research blurb posed the question, "Should you be buying CVX right now?" and described a service that evaluates CVX alongside thousands of companies using more than 100 financial metrics. That commentary referenced past winners identified by the service, naming Super Micro Computer (+185%) and AppLovin (+157%) as examples.
Overall, premarket activity reflected persistent sensitivity to oil-market developments and company-specific news that ranged from earnings beats to regulatory or safety-related concerns.
Bottom line - Early trading activity showed oil-linked names holding modest gains even as broader futures dipped, with individual earnings, guidance and credit-related moves driving a mixed set of premarket winners and losers.