5 Things to Know Before the Stock Market Opens

• Nvidia reported record $81.8 billion quarterly revenue but shares were flat as strong results failed to exceed high market expectations driven by continued AI infrastructure spending
• Walmart stock slipped despite beating revenue forecasts due to sluggish guidance, while Intuit shares tumbled after announcing layoffs despite posting better-than-expected earnings
• SpaceX filed its IPO prospectus revealing $18.67 billion in revenue last year alongside a $4.94 billion net loss, setting up one of 2025's most anticipated market debuts

Market Summary: Pre-Market Analysis

Market Overview:

Stock futures pointed lower Thursday morning, with Dow and S&P 500 futures down 0.2% and 0.3% respectively, while Nasdaq futures declined 0.5%. This follows sharp gains in the previous session when tech stocks rebounded from earlier weekly losses.

Commodity & Treasury Movements:

WTI crude oil futures surged over 2% to $100.50 per barrel amid tensions over Iranian uranium negotiations. Gold futures eased to $4,515, while Bitcoin dropped to $77,100 from an overnight high above $78,000. The 10-year Treasury yield rose to 4.62% from 4.59%, remaining below Tuesday's 16-month high of 4.67%.

Major Corporate Earnings:

Nvidia (NVDA): The chipmaker delivered record quarterly revenue of $81.8 billion with adjusted earnings meeting analyst expectations, driven by continued strong demand for AI data center hardware. Despite solid results, shares showed little movement in pre-market trading.

Walmart (WMT): Shares slipped after the retail giant posted adjusted earnings of $0.66 per share but issued a sluggish forward outlook, raising concerns about consumer spending trends.

Intuit (INTU): Stock tumbled despite beating expectations with adjusted earnings of $12.80 per share, as the TurboTax parent announced significant layoff plans alongside its fiscal Q3 results.

SpaceX IPO Filing:

SpaceX unveiled its prospectus for its highly anticipated IPO, revealing $18.67 billion in revenue for the prior year alongside a net loss of $4.94 billion. The company generates revenue from government/commercial rocket launches, Starlink satellite internet, and xAI's Grok chatbot subscriptions.

Market Implications:

Mixed earnings signals and geopolitical tensions suggest continued volatility, with particular focus on AI infrastructure spending sustainability and retail sector weakness.