U.S. stock-index futures rose on Thursday, extending gains into a new session, even as oil prices surged past $100 a barrel and the benchmark 10-year Treasury yield climbed to its highest level since 2023.
The Dow futures contract gained 213 points, or 0.4%, as of 03:02 ET (07:02 GMT). The S&P 500 futures rose 18 points, or 0.2%, and the Nasdaq 100 futures added 15 points, or 0.1%.
Brent crude surpassed $100 a barrel for the first time since July, driven by ongoing disruptions in the Strait of Hormuz stemming from the conflict between the United States and Iran. Fighting broke out in late February following a joint U.S.-Israeli assault; an interim ceasefire was reached in June but proved short-lived. The sustained threat to the strait has kept energy markets on edge heading into the November midterm elections and beyond.
The U.S. benchmark 10-year Treasury yield hit 4.84%, a post-2023 high, adding to pressure on growth-oriented sectors even as equity futures posted modest gains. Deutsche Bank analysts noted that September was already proving to be one of the tougher months of the year for markets despite being only a week into the calendar month.
On the corporate front, Oracle is expected to raise roughly $40 billion next year from a combination of debt and equity financing, up from a prior at-the-market equity issuance of $20 billion. Capital expenditures were forecast at $95 billion for fiscal 2027, well above analysts' expectations of $67.66 billion according to LSEG data cited by Reuters. The company has also highlighted partnerships with Meta Platforms and OpenAI.
Adobe will report results covering the end of its second quarter. The company said its AI-first annual recurring revenue exceeded $500 million at the close of the period. The earnings release comes amid executive turnover: CFO Dan Durn departed in June, and CEO Shantanu Narayen previously stepped down. Competitors Figma and Canva were also named.
Apple shares ended lower after the company unveiled a passport-shaped foldable version of its flagship iPhone priced at $1,999.
In Europe, ING analysts described an anticipated European Central Bank rate hike as an "insurance hike" aimed at strengthening the central bank's credibility and preempting indirect or second-round effects from the current energy price shock. With President Donald Trump's term scheduled to conclude in early 2029 and congressional dynamics shifting ahead of November, fiscal and trade policy uncertainty remains a backdrop to both equity and fixed-income markets.
