U.S. stock index futures were modestly lower on Thursday evening after major indexes finished the regular trading session mostly in the red, with technology names among the heaviest decliners. By 19:36 ET (00:36 GMT), S&P 500 Futures had slipped 0.3% to 6,975.0 points, Nasdaq 100 Futures were down 0.3% at 25,916.75 points, and Dow Jones Futures eased 0.3% to 49,049.0 points.
The regular session closed with the S&P 500 and the NASDAQ Composite under pressure, reflecting a difficult day for many technology companies. Microsoft Corporation (NASDAQ:MSFT) was a key contributor to the negative tone after the software giant's quarterly report showed slower cloud revenue growth and unusually high spending on artificial intelligence initiatives. Shares of Microsoft fell about 10% on the news, a move that weighed on sentiment across the software and broader tech complex.
Other software and enterprise-focused names also declined in the wake of earnings releases and forward guidance. ServiceNow Inc (NYSE:NOW) and SAP (NYSE:SAP) were among those that tumbled sharply after their results and outlooks failed to meet investor expectations, amplifying the day’s weakness in the sector.
Apple Inc (NASDAQ:AAPL) reported quarterly results after the bell that outperformed consensus forecasts. The company posted roughly $143.8 billion in revenue and delivered earnings per share comfortably ahead of expectations, with the beat attributed to resilient iPhone demand and a rebound in Greater China. Apple's shares rose nearly 1% in extended trading following the report.
Not all earnings moves were negative. SanDisk Corporation (NASDAQ:SNDK) jumped about 16% in after-hours trading after reporting a material profit beat and raising guidance, with demand for data-center and AI-related memory products outpacing prior forecasts. That strength highlighted pockets of robust demand tied to AI infrastructure within the technology supply chain.
Meanwhile, Visa (NYSE:V) posted better-than-expected first-quarter earnings and revenue, yet its stock dipped modestly as investors focused on a shortfall in total transactions processed and continued caution about broader consumer spending trends.
On the political front, President Donald Trump publicly backed a bipartisan spending deal negotiated by Senate Republicans and Democrats that would avoid an imminent government shutdown. He posted support on Truth Social and called for cooperation. The compromise is structured to fund most federal agencies while leaving contentious immigration matters to be resolved in later negotiations.
Market context and takeaways
- Technology sector weakness, led by Microsoft’s substantial post-earnings decline, was a primary driver of the downbeat tone in equities.
- Mixed corporate results powered after-hours moves: Apple’s top-line and profit beat supported gains for its shares, while SanDisk’s strong memory demand lifted its stock sharply.
- Payments and consumer-linked names showed uneven reactions to earnings, illustrated by Visa’s modest decline despite a beat, as investors weighed transaction volumes and spending vigilance.
The combination of large, divergent earnings outcomes and political developments created a cautious backdrop for markets heading into the evening session. Investors were parsing the near-term payoff of substantial AI investments after Microsoft’s results, while selectively rewarding firms that signaled stronger demand for AI-related hardware and memory.