US stock market today: S&P 500, Nasdaq futures edge higher as oil retreats; Intel jumps 4%

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US stock futures traded with modest gains on Friday, 24 July, as crude oil prices retreated from recent highs, while a 4% jump in Intel shares in pre-market trading following its second-quarter results helped lift sentiment after Wall Street suffered one of its steepest declines in the previous session.
S&P 500 futures rose 0.2%, while Nasdaq-100 futures added 0.1%. Dow Jones Industrial Average futures led the gains, climbing 222 points, or 0.4%.
Although the major indices attempted to recover from Thursday's sell-off, they remained on track for their first back-to-back weekly decline since the early stages of the Middle East conflict.
Risk appetite remained subdued after markets were rattled this week by the escalating conflict in the Middle East and renewed concerns over whether massive investments in artificial intelligence will generate adequate returns.
In the previous session, heavyweight technology stocks Tesla and Alphabet plunged 14.5% and 7%, respectively, after investor sentiment weakened over their sharply higher capital expenditure plans.
The increased AI-related spending and rising cash burn raised concerns that profitability could come under pressure in the coming quarters.
The US carried out a 13th consecutive day of strikes on Iran, with both sides ruling out near-term negotiations. President Donald Trump also threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran.
The tanker attacks came hours after Trump warned that the US would destroy an Iranian bridge or power plant each time Tehran targets a ship transiting the Strait of Hormuz.
Meanwhile, Iran-backed Houthi rebels in Yemen reportedly targeted two Saudi oil tankers with drones and missiles for violating a maritime blockade imposed on Riyadh earlier this week.
The escalating conflict, coupled with growing concerns over heavy AI-related capital spending by technology giants, kept investors cautious. At the same time, expectations of a more hawkish Federal Reserve continued to support US Treasury yields.
On the macroeconomic front, initial jobless claims for the week ended 18 July came in at 187,000, well below economists' expectations of 212,000, pointing to continued resilience in the US labour market.
Investors will now turn their attention to the S&P Global Flash US Purchasing Managers' Index (PMI) data due later on Friday, which will provide fresh insights into the health of the US manufacturing and services sectors.
Crude oil prices declined after a five-session winning streak. Brent crude futures fell more than 3% to around $96.40 a barrel, while WTI crude futures slipped 3% to $88.75.
Despite the pullback, both benchmarks remained on track for a third consecutive weekly gain.
Brent crude has surged nearly 33% in July, while WTI has advanced about 28%, putting both benchmarks on course for their strongest monthly performance since March.
The conflict between the US and Iran over the Strait of Hormuz has continued to disrupt shipping through the strategic waterway, fuelling concerns over global energy supplies.
Iran's blockade of the Strait of Hormuz has prompted the US to intensify its military campaign in an effort to weaken Tehran's control over the strategic shipping lane. However, Iran has so far maintained its grip on the waterway, keeping global energy markets on edge.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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