US Futures Lack Direction
US futures were little changed on Thursday, following a fresh record high for the Nasdaq in the previous session, as traders weighed ongoing trade developments and attempted to look past new tariff threats.
President Trump announced a 50% tariff on Brazilian imports and confirmed that a similar 50% tariff on copper imports will take effect on August 1.
On the economic front, initial jobless claims unexpectedly fell by 5K to 237K last week, while continuing claims rose to 1.965 million, the highest level since 2021.
The data continued to point to a labor market that remains solid but is showing signs of cooling.
In corporate news, Nvidia shares rose 1% in premarket trading after gaining 1.8% the previous day, pushing its market capitalization to $4 trillion.
The rally was fueled by continued AI enthusiasm and reports that the company plans to launch a new China-specific AI chip.
Meanwhile, Delta Air Lines surged more than 12% after delivering stronger-than-expected earnings.