Stock futures tick higher as S&P 500 nears new record high: Live updates

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 0.21%, and the Nasdaq 100 futures climbed 0.31%. Futures tied to the Dow Jones Industrial Average ticked up 72 points, or 0.17%.

The moves come after the S&P 500 finished Wednesday's session flat, while the Nasdaq Composite rose 0.3% and the Dow Jones Industrial Average dropped 106.59 points, or about 0.3%. The three indexes are still on pace for a positive week, and the S&P 500 remains less than 1% from its February record.

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 be calming 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.

Investors are also gearing up for May's personal consumption expenditures price index reading, due out Friday morning. Federal Reserve Chair Jerome Powell said Tuesday that its preferred inflation measure is likely to rise to 2.3%, while the core measure that excludes food and energy is expected to tick up to 2.6%. That's up from the headline reading of 2.1% and 2.5% for the core in April. However, Powell still stressed that the central bank is committed to keeping inflation under control in the face of “uncertain” effects of Trump's tariffs on the economy.

“You're going to have a pickup in the rate of inflation … and I think that is going to be reflected during the second half of this year, with yields going up,” Sri-Kumar continued. “That is going to be negative for [the] Nasdaq in particular, and I think [the] S&P is not going to be free from being attacked by that either.”

Elsewhere 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.

Wall Street ‘alarmed’ and ‘depressed’ over Zohran Mamdanis 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.

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.

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.