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U.S. stock futures were mixed early Thursday as investors processed another volatile session driven by escalating U.S.-China trade tensions and Federal Reserve Chair Jerome Powell’s stark remarks on the inflationary risks of President Donald Trump’s tariffs.
In premarket trading, the Nasdaq rose 0.6%, S&P 500 futures edged up 0.34%, while Dow Jones Industrial Average futures sank 1.5% — pointing to an uneven open amid deepening market anxiety.
Here’s what to watch today.
Bumper earnings slate as multiple big names report earnings
Taiwan Semiconductor Manufacturing Company (TSM-0.94%) reported a 60% year-over-year increase in first-quarter net profit, reaching T$361.6 billion ($11.12 billion), beating analyst expectations. Robust demand for semiconductors, particularly those used in artificial intelligence applications, from major clients like Apple (AAPL+2.21%) and Nvidia (NVDA+0.54%) drove the surge.
UnitedHealth (UNH-1.96%) cut its full-year profit forecast on Thursday, citing higher-than-expected medical costs due to increased outpatient care among older adults. Shares slid a whopping 20% in early trading after the healthcare giant said it now expects adjusted earnings of $27.50 to $28 per share in 2025, down from its previous forecast of $27.50 to $28.50.
American Express (AXP+1.95%) reported a 6% increase in first-quarter profit, reaching $2.58 billion, driven by sustained spending from its premium customer base despite economic concerns and new tariff announcements. The company maintained its full-year projections, forecasting revenue growth of 8% to 10% and earnings between $15 and $15.50 per share. But CEO Stephen Squeri noted the guidance remains “subject to the macroeconomic environment.”
D.R. Horton (DHI+1.46%) lowered its full-year 2025 revenue forecast to between $33.3 billion and $34.8 billion, down from its previous estimate of $36 billion to $37.5 billion, citing weaker housing demand and affordability concerns. The homebuilder also reduced its projected home closings to 85,000–87,000 units, attributing the slowdown to cautious buyers amid economic uncertainty and high interest rates.
Netflix (NFLX+2.09%) reports earnings after the bell.
A lingering sense of unease after another selloff
But Wednesday’s sell-off suggests that any sense of stability or business-as-usual may be eroding. The major indexes posted their steepest declines in weeks on Wednesday, with the S&P 500 falling 2.2%, the Dow dropping more than 700 points, and the Nasdaq plunging over 3%.
Apple stock declined 3.9% and Nvidia sank almost 7%.
The drop came despite a stronger-than-expected March retail sales report and recent earnings beats from several blue-chip names, further underscoring just how much markets are being driven by abrupt policy shifts rather than fundamentals. It may all sound abstract — until you consider that Apple, Nvidia, and their peers are among the most widely held stocks in U.S. retirement funds. If you have a 401(k), odds are good you’re along for the ride.
In a speech Wednesday, Powell reiterated the Fed’s dual mandate to foster price stability and maximum employment, and warned that Trump’s tariffs are likely to deliver both upward pressure on inflation and drag on growth. He also suggested he would not bow to political pressure.
Powell’s comments may be extra relevant as some commentators have speculated that the market selloff may not be a bug but a feature. The theory: By putting pressure on corporate margins and stoking uncertainty, the White House was attempting to engineer the very conditions that would force the Fed to cut interest rates — and, failing that, now hopes to deflect blame for the economic fallout from its own policies.
Then again, attributing coherent strategy to what’s often a chaotic stream of mixed signals, offhand remarks, and rapidly shifting narratives may be a reach. Whether there’s a real plan — or just a series of improvisations with global consequences — is anyone’s guess. You don’t need to pinpoint every flickering motive to call out the vibe.