U.S. stock futures were mixed early Thursday as investors digested a fresh batch of second-quarter earnings, geopolitical developments around the Strait of Hormuz, and awaited weekly labor-market data ahead of Friday's payrolls report.
Futures on the Dow Jones Industrial Average rose 0.30% after the blue-chip index extended its record-breaking win streak, and the S&P 500 futures gained 0.19%, while the Nasdaq-100 contracts dipped 0.35%.
Reports suggest progress toward an Iran-Oman understanding over the Strait of Hormuz after President Donald Trump reiterated his preference for a negotiated agreement with Iran. That optimism is capping oil prices even as tech leadership wobbles, with Fed Governor Lisa Cook saying Wednesday she would support further policy tightening if inflation fails to keep moderating.
Premarket Snapshot — Thursday, Aug. 6, 2026
| Instrument | Level / Move |
|---|---|
| Dow Jones futures (YM) | 54,.658 (+0.30%) |
| S&P 500 futures (ES) | 77,64.25 (+0.19%) |
| Nasdaq-100 futures (NQ) | 29,511.75 (-0.35%) |
| Russell 2000 futures | 3,032.60 (+0.24%) |
| US 10-Year Treasury yield | 4.627% (up 1 bps) |
| WTI crude (Sep) | $75.72 / bbl (+0.66%) |
| Brent crude (Oct) | $80.21/ bbl (+0.96%) |
| Gold futures | $4,328.60 (+0.54%) |
| US Dollar Index (DXY) | 99.79 (+0.11%) |
| CBOE VIX | 15.93 (+0.76%) |
| Bitcoin (BTC/USD) | $64,609.17 (+0.95%) |
According to MarketFramework's Positioning Edge tool, unprofitable traders in the Nasdaq E-mini contract (NQ) chased longs heavily while profitable traders stayed more balanced. Both groups have converged to roughly the same positioning now (50% vs 52% long). Therefore, there is currently no meaningful divergence between smart and dumb money positioning to trade off of.
The market sold off through the day, unprofitable traders got caught overly long into the drop and are now underwater, but positioning between the two groups has since converged — leaving no clear contrarian signal at the moment.
US Stocks in Focus
Earnings are again dictating single-stock direction. Celsius, Datadog, ConocoPhillips, D-Wave Quantum, Peloton, and Warner Bros. Discovery are among those reporting before the bell. ConocoPhillips reports second-quarter 2026 results before the opening bell, with Wall Street looking for $2.89 in earnings per share on $19.83 billion in revenue, compared with $1.42 per share on $14.74 billion a year ago.
Carryover moves from Wednesday's after-hours are also shaping the tape. HubSpot and AppLovin, and storage solutions providers Western Digital and SanDisk were all sharply lower, all in reaction to after-hours earnings reported on Wednesday.
Thursday, after the close today, Airbnb, Trade Desk, Roku, Cloudflare, DraftKings, Rigetti Computing and MP Materials are also on the docket.
Asian Markets
Asian shares ended Thursday's session on a mixed note. South Korea's Kospi continued its see-sawing trend, dropped more than 4.50% on Thursday following declines for some Big Tech giants including memory chipmaker SK Hynix. Japan's Nikkei 225 lost 0.93% to 65,683.26, Hong Kong's Hang Seng declined 1.49% to 25,530.28, while the Shanghai Composite index gained 0.57% to 3,900.35 and Australia's S&P/ASX 200 gained 0.47%. Uncertainty about the direction of the U.S. conflict with Iran is still overhanging markets despite hopes for a reopening of the Strait of Hormuz.
European Markets — Early Trend
European equities opened cautiously with a slight negative bias, tracking Asian tech weakness, but have since then moved firmly higher. The STOXX 600 rose 0.51% to 660.47, a new record. Regional benchmarks including the DAX, CAC 40 and FTSE 100 were all higher, with defensives outperforming semiconductors and other AI-linked names.
Commodities and FX
Oil prices held steady, with Brent crude trading near $80 a barrel, with oil prices having swung for months amid the conflict. Gold futures extended a recent breakout, and the dollar index remained subdued as traders lean toward eventual Fed easing despite hawkish rhetoric.
Macro Data Preview
- Unit Labor Costs (8:30 a.m. ET): Forecast 2.2%, Previous 1.8%.
- Non-farm Productivity (7:30 a.m. ET): Forecast 0.6%, Previous 0.3%.
- Initial Jobless Claims: Forecast 203,000; prior week 197,000
- Continuing Jobless Claims: Forecast 1,790K, Previous 1,782K.
- Wholesale Inventories (MoM Final) – June: Previous +0.3%.
Investors will watch for weekly initial jobless claims ahead of Friday's closely watched July employment report. A softer productivity read or an uptick in claims could revive rate-cut wagers, while sticky unit labor costs would reinforce the hawkish tone from recent Fed commentary.
Key Technical Levels to Watch
- S&P 500 futures: bulls need to hold above 7,630 to keep record-chase intact; downside pivot at 7,300-7,350
- Nasdaq-100: watch for follow-through selling if the AI-hardware complex extends losses; 29,000 on the cash Nasdaq Composite is a near-term support after Wednesday's tech-led wobble.
- Brent crude: $79 is the near-term fulcrum; a decisive move below $75 would signal traders are pricing in a Hormuz reopening, while a break above $85 would revive inflation concerns.
- Gold: recent breakout keeps momentum constructive; $4,300 now acts as first support.
