US stock futures nudged higher early Thursday as investors weighed strong corporate earnings against persistent concerns over an escalating trade dispute with China.
Contracts on the Dow Jones Industrial Average gained 0.1%, while S&P 500 futures added roughly 0.2%. The tech-heavy Nasdaq 100 futures climbed 0.3% following a choppy but broadly positive session on Wall Street on Wednesday.
Equity markets continue to find dip demand, reflecting the familiar pattern of cautious optimism despite ongoing geopolitical and policy risks.
The backdrop remains unsettled. President Donald Trump confirmed on Wednesday that a trade war with China is underway, yet Treasury Secretary Scott Bessent suggested that the existing US-China tariff pause could still be extended. Conflicting signals have emerged following Trump’s threats to impose further trade restrictions in response to Beijing’s sanctions and export controls. Investors remain hopeful for a resolution but are bracing for further volatility.
Corporate results continued to drive sentiment. Salesforce shares rose after issuing a robust outlook, highlighting its AI push, while United Airlines slipped in after-hours trading on disappointing revenue.
Meanwhile, gold extended its rally to fresh record highs, hitting $4,242, supported by Chinese buying, geopolitical uncertainty, and limited alternative safe havens. Oil prices showed resilience, with WTI holding around $57.80–$58.80 per barrel despite earlier weakness.
Currency markets reflected the ongoing risk-on/risk-off dynamics. The US dollar found general support, while JPY demand surged amid discussions of intervention and a cautious stance from the Bank of Japan. Overnight, weaker-than-expected Australian jobs and wages data added to speculation that the Reserve Bank of Australia may cut rates. The Bank of England, however, is still expected to maintain its policy in November, following minor revisions to UK GDP.
Economic data remains thin due to the US government shutdown. Thursday’s calendar includes the EU Trade Balance and the Philadelphia Fed’s Manufacturing Survey. Central bank speakers scheduled today include Fed governors Miran, Waller, Barr, and Bowman, as well as the BOE’s Mann, ECB president Lagarde, and Bank of Canada governor Macklem, providing additional potential market-moving commentary.
