FX.co ★ US Futures Retreat Further

US equity index futures fell for a second straight session on Thursday as the macroeconomic backdrop worsened and fresh doubts emerged over AI-related spending following the latest earnings reports. Futures on the S&P 500 and Dow declined 0.5%, while Nasdaq 100 contracts dropped more than 1%.

Alphabet slid 5% in premarket trading after releasing its Q2 results overnight. The Google parent raised its full-year capital expenditure guidance to $205 billion—roughly double last year’s level—rekindling concerns about the sustainability of its heavy investment in AI infrastructure.

Tesla shares dropped 6% after the company reported weaker profits, even as the broader electric vehicle sector enjoyed a strong quarter. At the same time, rising fuel prices pushed bond yields higher amid heightened tensions between Iran and the US, leading markets to increase bets on an interest rate hike before the end of the quarter.

Financial stocks, particularly capital markets firms, remained under pressure. In contrast, Comcast and RTX traded higher after both companies reported earnings that exceeded analyst estimates.