| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
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| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
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| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
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(Editor’s note: The future prices of benchmark tracking ETFs and the headline were updated in the story, and it has been corrected to reflect that AppLovin beat revenue estimates, not missed them)
U.S. stock futures pared earlier losses to trade higher on Thursday after Wednesday's positive close. Futures of major benchmark indices were higher.
This followed the doubts raised by the U.S. Supreme Court regarding President Donald Trump's authority to impose sweeping tariffs using a decades-old emergency powers law, on Wednesday.
The 10-year Treasury bond yielded 4.14% and the two-year bond was at 3.61%. The CME Group's FedWatch tool‘s projections show markets pricing a 67.3% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.06% |
| S&P 500 | -0.02% |
| Nasdaq 100 | -0.06% |
| Russell 2000 | -0.19% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.16% at $678.67, while the QQQ advanced 0.14% to $624.16, according to Benzinga Pro data.
Sectors recording the biggest gains on Wednesday included communication services, consumer discretionary, and materials, leading most S&P 500 segments to close positively.
Bucking the overall market trend, however, were consumer staples and information technology, which both closed the session lower.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 0.65% | 23,499.80 |
| S&P 500 | 0.37% | 6,796.29 |
| Dow Jones | 0.48% | 47,311.00 |
| Russell 2000 | 1.54% | 2,464.78 |
Sean Peche, Founder of Ranmore Fund Management, views the current stock market as dangerously overvalued, drawing direct parallels between the present-day AI hype and Japan's late-1980s valuation bubble.
He points to "lofty valuations and a sense of euphoria," driven by the overwhelming dominance of US tech.
Peche challenges traditional metrics, arguing that the Magnificent 7’s high capital expenditure makes net income a misleading measure. He calculates the group trades at 58x free cash flow (FCF), his preferred metric.
This valuation worsens significantly when adjusting for stock-based compensation—which he calls "a real cost to shareholders"—rising to 77x FCF.
While the catalyst for a correction is unknown, Peche warns that history shows the odds are stacked against investors at these levels.
"History has repeatedly shown us that the odds of generating attractive real returns over the medium to long term are not on your side when you pay high valuations," he states, suggesting investors should reconsider their heavy reliance on the U.S. market.
See Also: How to Trade Futures
Here's what investors will be keeping an eye on Thursday;
Crude oil futures were trading higher in the early New York session by 1.06% to hover around $60.23 per barrel.
Gold Spot US Dollar rose 0.83% to hover around $4,012.21 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.25% lower at the 99.9520 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.01% higher at $102,968.08 per coin.
Asian markets closed higher on Thursday, except India’s NIFTY 50 index. South Korea's Kospi, Japan's Nikkei 225, Australia's ASX 200, Hong Kong's Hang Seng, and China’s CSI 300 indices rose. European markets were also lower in early trade.
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