U.S. stock index futures showed modest steadiness on Thursday evening, pausing after the previous days' rally helped by a softening of tensions related to Greenland and a strong performance in technology shares. President Donald Trump's eased stance regarding Greenland trade contributed to Wall Street's two-day upswing, while tech stocks continued to benefit from sustained optimism about artificial intelligence advancements.
By 19:06 ET (00:06 GMT), S&P 500 futures declined slightly by 0.1% to 6,940.25, Nasdaq 100 futures fell nearly 0.2% to 25,610.0, and Dow Jones futures dipped by almost 0.1%, settling at 49,524.0 points.
A notable market mover was Intel Corporation (NASDAQ: INTC), which experienced a decline exceeding 13% in after-hours trading. Despite reporting stronger-than-anticipated earnings for the December quarter, the company's forecast for the first quarter failed to meet analyst expectations. Intel forecasted break-even earnings per share for the upcoming quarter, missing consensus estimates, and projected revenues lower than anticipated.
The chipmaker indicated that while it is advancing in the development of next-generation chips, the supply available in the first quarter would reach its lowest level this year before improving in subsequent quarters. Intel is undergoing a significant restructuring effort aimed at reducing costs, bolstering cash reserves, and accelerating its adoption of advanced semiconductor processes to better compete amid the artificial intelligence boom.
Meanwhile, Wall Street continued to rally, extending gains from the prior session after President Trump announced a tentative trade framework involving Greenland and withdrew prior threats of tariffs against European nations related to the Danish territory. These developments alleviated geopolitical concerns that had weighed heavily on markets earlier in the week.
The technology sector remained in focus with notable gains led by Meta Platforms Inc. (NASDAQ: META), which surged by 5.7% on Thursday after Jefferies reaffirmed its rating of Meta as a top stock pick ahead of the company's December quarter earnings report scheduled for the following week. Other major technology companies anticipated to release earnings next week include Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), and Tesla Inc. (NASDAQ: TSLA).
Amazon.com Inc. (NASDAQ: AMZN) also experienced a modest share increase after reports suggested the company is planning a second round of corporate job cuts soon.
Tech sector strength contributed to overall market advances, with the S&P 500 rising approximately 0.6% to 6,913.35 points, the NASDAQ Composite increasing 0.9% to 23,436.02 points, and the Dow Jones Industrial Average climbing 0.6% to 49,394.01 points.
Looking ahead, market attention remains on the Federal Reserve's upcoming meeting, where the central bank is widely expected to maintain current interest rates amidst uncertainty concerning the U.S. economic outlook.