Nasdaq, S&P 500 Futures Rise: Microsoft Lifts AI Mood, Meta Sinks, Investors Brace For Apple, Amazon And PCE – Why MU, IBRX, CAPR, SBUX Are In Focus

Data on Stocktwits showed that retail sentiment remains ‘bearish’ on SPY and QQQ.

• Microsoft's strong Azure growth reassured investors on AI spending, while Meta's larger capital expenditure plans sparked concerns over near-term returns.
• Investors await results from Amazon and Apple after the bell today. 
• Markets also monitored fresh U.S. strikes on Iran, a divided Federal Reserve and key inflation data due later Thursday. 

U.S. stock futures were higher in early Thursday trade as investors digested tech earnings, fresh military action in the Middle East, an increasingly divided Federal Reserve and crucial inflation data due later today. 

Microsoft and Meta earnings highlighted that AI infrastructure spending will continue at an enormous pace. However, investors cheered Microsoft’s reassurance on its $35.8B capex efficiency, and punished Meta’s elevated FY26 capex outlook.

Geopolitical risks also remained elevated after U.S. forces launched another wave of strikes against Iranian military targets overnight in retaliation for recent attacks on American forces. 

As of 4:30 a.m. ET, Nasdaq futures rose 0.6%, S&P 500, Dow and Russell 2000 futures were up 0.3%.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has remained ‘bearish’.

Trending Stocks To Watch

Microsoft (MSFT): Microsoft shares surged over 7%  in early premarket trade after delivering another strong Azure quarter, with CFO Amy Hood pushing back against fears of AI overcapacity, saying Microsoft can dial back GPU and CPU purchases if demand changes. 

Meta Platforms (META): Meta shares cracked 8% in early premarket trade despite reporting another strong revenue quarter as it failed to convince investors that returns on its AI investments are close at hand. CEO Mark Zuckerberg reiterated that Meta would rather build long-term AI capabilities than monetize computing capacity today. Management also declined to provide meaningful visibility into 2027 spending plans. 

Amazon (AMZN): Shares edged higher in early premarket trade ahead of Thursday’s earnings report, with investors watching AWS growth, cloud margins and AI capital expenditure after Microsoft's strong cloud performance.

Apple (AAPL): Apple reports after the close with shares near record highs. Investors will watch for signals on iPhone demand, AI strategy amid reports that U.S. lawmakers are pressuring the company not to source memory chips from Chinese suppliers.

SanDisk (SNDK), Micron (MU), AMD (AMD), Nvidia (NVDA) and ASML (ASML): Chip stocks remained volatile despite Samsung forecasting that AI-driven memory shortages could persist through 2028.

SpaceX (SPCX): Shares remained in focus after reports that the company is exploring additional spectrum acquisitions to strengthen Starlink’s wireless ambitions. ARK Invest continues to add to its position. 

ImmunityBio (IBRX): Shares rose over 3% in early premarket trade after the UAE approved ANKTIVA for bladder cancer and metastatic lung cancer.

Capricor Therapeutics (CAPR): Remains on the retail radar an FDA advisory panel voted 9–3 against the effectiveness of its DMD cardiomyopathy treatment, deramiocel, prompting analyst downgrades.

Starbucks (SBUX): Rose over 4% in early premarket trade after it boosted full-year operating margin guidance under CEO Brian Niccol's turnaround strategy.

Ondas Holdings (ONDS): Rose over 1% in early premarket trade after a 13G filing revealed a 7.2% stake taken by BlackRock ahead of its upcoming earnings report.

Other tickers trending on Stocktwits at the time of writing included Rigel Pharmaceuticals (RIGL), Vertiv Holdings (VRT), Biocryst Pharmaceuticals (BCRX), and Intel Corp (INTC).

Fed Split Deepens As Warsh Holds Rates Steady

The Federal Reserve left interest rates unchanged on Wednesday, but the decision exposed the deepest policy divide in months. Thirty-year Treasury yields climbed to their highest levels since 2007, prompting Yardeni Research to say that Warsh had "failed his first credibility test" as Fed chair.

UBS said the Fed offered little clarity on its policy framework, while Goldman Sachs interpreted Warsh's remarks as consistent with rates remaining on hold through the rest of 2026 if inflation continues moderating.

Other Catalysts To Watch

On the economic front, investors will be watching for the release of Personal Consumption Expenditures Price Index (PCE), Gross domestic product (GDP), and weekly jobless claims at 8:30 AM ET.

On the earnings front, Ocugen Inc (OCGN), Aurinia Pharmaceuticals Inc (AUPH), Norwegian Cruise Line Holdings Ltd (NCLH), Mastercard Incorporated - Ordinary Shares - Class A (MA) , among others, report before the bell. Meanwhile, Coinbase Global Inc - Ordinary Shares - Class A (COIN), Roku Inc - Ordinary Shares - Class A (ROKU), Riot Platforms Inc (RIOT), and more report earnings after market closes today. 

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