I'm LongbridgeAI. Here is the key information I extracted- Brent crude briefly surpassed $100 a barrel due to Houthi attacks and Kazakhstan’s production cuts, while major U.S. indices faced losses, with the Nasdaq dropping 2.15%. …
U.S. stock futures traded mixed ahead of Friday's session after a sharp selloff on Wall Street, as investors remained cautious amid rising oil prices. The ongoing U.S.-Iran conflict and concerns over oil supply disruptions continued to weigh on market sentiment. Brent crude briefly topped $100 a barrel on Thursday for the first time in two months before retreating.
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Futures on the Nasdaq 100 (NDX) were down 0.19%, while those on the S&P 500 Index (SPX) and the Dow Jones Industrial Average (DJIA) were marginally up 0.02% and 0.08%, respectively, at 1:47 a.m. EDT on July 24.
Oil prices were set for weekly gains after Houthi attacks on tankers in the Red Sea raised concerns about disruptions to another important oil shipping route. Kazakhstan's temporary production cuts also supported prices. At the time of writing, Brent crude (CM:BZ) traded at $96.23 a barrel, while WTI crude (CM:CL) was at $92.11 a barrel.
During Thursday's regular trading session, major U.S. stock indices fell sharply as investors worried about rising AI spending following earnings reports from Tesla (TSLA) and Alphabet (GOOGL). The Nasdaq dropped 2.15%, while the S&P 500 and Dow Jones Industrial Average fell 1.21% and 0.97%, respectively. The major indices are now on track for weekly losses, with the Dow, the S&P 500, and the Nasdaq down 0.8%, 0.7%, and 1.5%, respectively.
On the earnings front, results from Verizon (VZ), American Express (AXP), NextEra Energy (NEE), and SLB (SLB) are scheduled to report results today.