Traders work on the floor of the New York Stock Exchange (NYSE) on May 27, 2026, in New York City.
Spencer Platt | Getty Images
S&P 500 futures declined early Thursday, weighed in part by a rebound in oil prices, as traders looked ahead to the release of a key inflation reading.
Futures linked to the broad market index were 0.2% lower, while Nasdaq 100 futures lost about 0.3%. Futures tied to the Dow Jones Industrial Average slipped 62 points.
West Texas Intermediate crude oil futures rose 1.8% to top $90 a barrel. The action came after Reuters reported, citing a U.S. official, that the U.S. military conducted new strikes in Iran, targeting a military site. Brent futures were also up nearly 2% at $96.07.
Shares of Snowflake soared 36% in Wednesday’s extended trading session after the cloud-based data platform provider inked a plan to spend $6 billion on Amazon Web Services over five years. The company also reported a first-quarter earnings and revenue beat.
The moves came after a decline in oil prices pushed the blue-chip Dow to a new intraday and closing record on Wednesday. Crude oil prices fell in Wednesday’s session after Secretary of State Marco Rubio said during a White House Cabinet meeting that talks with Iran have made some progress, adding that the administration prefers “the negotiated diplomatic route and we’re going to give it every chance to succeed.” However, President Donald Trump said that he will not allow Iran to control the key Strait of Hormuz as part of a deal.
These comments came after Iranian state television had earlier said that Tehran is committed to restoring commercial traffic through the Strait of Hormuz back to prewar levels within one month of an agreement with the U.S., Reuters reported. The White House denied the report about a memorandum of understanding as “a complete fabrication.”
Investors are awaiting the release of April’s personal consumption expenditure price index reading, due out at 8:30 a.m. ET on Thursday. The index, which is the Federal Reserve’s preferred gauge of inflation, is especially important now that Kevin Warsh has taken the helm as Fed chair.
Economists polled by Dow Jones expect a month-over-month increase of 0.5% and year-over-year rise of 3.8%. Excluding volatile food and energy prices, they anticipate gains of 0.3% and 3.3%, respectively.