Investing.com-- U.S. stock index futures rose slightly on Thursday evening, remaining upbeat after record-high closes on Wall Street amid strong earnings from Alphabet and hopes for more trade deals.
But overall gains on Wall Street were held back by steep losses in Tesla (NASDAQ:TSLA), IBM (NYSE:IBM), Honeywell (NASDAQ:HON), and UnitedHealth (NYSE:UNH), as earnings and guidance from the four failed to impress. Tesla in particular slumped 8% after CEO Elon Musk flagged some “rough quarters” ahead.
Caution over President Donald Trump’s August 1 tariff deadline also weighed, as did substantially softer-than-expected manufacturing activity data.
S&P 500 Futures rose 0.1% to 6,408.0 points, while Nasdaq 100 Futures rose 0.1% to 23,393.0 points by 19:34 ET (23:34 GMT). Dow Jones Futures rose 0.1% to 44,947.0 points.
Among aftermarket movers, Paramount Global (NASDAQ:PARAA) rose 1.4% after the Federal Communications Commission approved the studio’s $8 billion merger with Skydance Media.
S&P 500, Nasdaq eke out record highs on Alphabet gains
The S&P 500 and the Nasdaq both hit record highs on Thursday tracking gains in Alphabet Inc (LON:0RIH), which clocked better-than-expected second-quarter earnings and signaled continued expansion in its artificial intelligence spending.
Alphabet’s (NASDAQ:GOOGL) earnings and guidance helped boost other AI-related stocks, with NVIDIA Corporation (NASDAQ:NVDA) rising 1.8% on the prospect of sustained demand for its chips.
AI-linked stocks were also boosted by Trump signing three orders to support the industry, while also outlining a 90-part plan to promote AI development in the United States.
The S&P 500 rose 0.1% to a record-high 6,363.39 points, while the NASDAQ Composite rose 0.2% to a record-high 21,957.96 points.
But the Dow Jones Industrial Average lagged, sinking 0.7% to 44,694.09 points. Losses in IBM, Honeywell, and UnitedHealth weighed the most on the index.
Among other major decliners, Tesla slid over 8% after its second-quarter earnings underwhelmed as a decline in car sales showed few signs of ceasing.
Intel Corporation (NASDAQ:INTC) fell 3.7%, losing another 4.5% in aftermarket trade after it forecast a bigger-than-expected third-quarter loss, despite expecting stronger revenue. The company’s latest round of cost-cutting measures, which include more layoffs, also failed to impress.
Tariff caution, weak manufacturing PMI limit Wall St gains
While Wall Street did hit a series of record highs in recent sessions, gains were seen slowing this week amid persistent caution over Trump’s trade tariffs.
Investors were seen holding out for the announcement of more trade deals, with just about a week left to the August 1 deadline for the imposition of the tariffs.
Trump’s announcement of a trade deal with Japan boosted Wall Street earlier this week.
Weaker-than-expected manufacturing purchasing managers index data, released on Thursday, also sparked some concerns over the U.S. economy. The print showed manufacturing activity unexpectedly shrank in July, as momentum in the sector, amid front-running ahead of Trump’s tariffs, ran out of steam.
But overall business activity still grew, helped by strength in the services PMI.








