Stock futures exhibited minimal movement this morning following a remarkable performance by major indexes, with both the S&P 500 and Nasdaq reaching new record highs on Wednesday. Trading in futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq was characterized by fractional fluctuations in both directions. Meanwhile, the yield on the 10-year Treasury note remained steady at 4.13%, and the U.S. dollar index showed little change.
Gold futures persisted near their historical peak as investors increasingly gravitate toward safe haven assets. Currently trading at approximately $4,060 an ounce, gold prices briefly approached $4,072 earlier in the week. The surging value of gold, which has gained about 54% this year alone, is attributed to its appeal as a hedge against inflation, geopolitical tensions, and fluctuations in the stock market. In tandem, Bitcoin is also gaining traction as a safe haven, recently trading just below $123,000 after reaching a record high of over $126,000 earlier this week.
In other developments, China has implemented stricter controls on the export of rare-earth minerals, a move that could have significant implications for global supply chains. The country is responsible for much of the world’s supply of these vital resources, including neodymium and terbium, which are essential for manufacturing electric vehicles, drones, and advanced electronics. These new measures have sparked concerns of potential tariff responses from U.S. authorities. Following this announcement from China’s Ministry of Commerce, shares of USA Rare Earth surged about 7% in premarket trading, while MP Materials and Lithium Americas saw gains of around 4%.
Delta Air Lines (DAL) experienced a remarkable premarket rise of over 6% after posting better-than-expected quarterly earnings. The airline reported revenue of $16.7 billion, surpassing analysts’ estimates of $16.07 billion. Additionally, Delta’s adjusted earnings per share of $1.71 also exceeded the consensus estimate of $1.53. Despite a challenging year during which Delta shares had previously declined by about 6%, this earnings report offers a positive outlook.
PepsiCo (PEP) also reported stronger-than-expected earnings, with third-quarter revenue reaching $23.94 billion, above the anticipated $23.86 billion. The company’s core earnings per share stood at $2.29, surpassing analysts’ projections of $2.27. In a significant corporate shift, PepsiCo announced the retirement of Chief Financial Officer Jamie Caulfield, with Steve Schmitt stepping into the role. Following the earnings report, PepsiCo shares were up 0.5% in premarket trading.
