05.03.202613:57:35UTC+00US Futures Move Lower

US equity futures turned lower on Thursday, paring the prior session’s rebound amid worries that a prolonged conflict in Iran could weigh on the global economy. Futures on the S&P 500 and Nasdaq 100 slipped 0.3%, while Dow Jones Industrial Average contracts fell 0.6%.

Refined fuel prices and long-dated Treasury yields resumed their climb, underscoring pro-inflation risks and prompting rate traders to scale back expectations from multiple rate cuts just a week ago to only one cut this year.

Technology stocks traded mostly lower in premarket action, despite robust earnings across the sector and a sharp recovery in their Korean peers. Broadcom rose 6% after issuing an ambitious outlook for next year, while Veeva rallied as investors regained some confidence in the software space, which has recently been under pressure amid fears of AI-driven disruption.

At the same time, asset managers came under renewed strain after BlackRock wrote down a private loan to zero, deepening mounting concerns over the private credit market.