Crude oil prices surged more than 2% on Thursday, climbing past the $92 per barrel mark, while U.S. equity futures showed mixed performance as energy gains overshadowed earlier optimism driven by artificial intelligence earnings. West Texas Intermediate (WTI) crude for October delivery rose 2.02% to $92.85 a barrel as of 06:47 EDT, adding $1.11 in the final hour leading up to that point. The contract had touched a session high of $93.13, up 3.6% from its overnight trough of $89.60.
The spike in oil prices came amid fresh U.S.-Iran clashes, keeping geopolitical risk prominently in focus for energy markets. This development reversed earlier gains in tech-heavy indices, with Nasdaq-100 futures slipping 0.21 percentage point in the hour leading up to 07:00 EDT. S&P 500 futures also declined by 0.14 percentage point during the same period, while Dow futures managed to stay slightly positive, rising 0.02%.
Among the four major U.S. equity index futures, only the Dow remained in positive territory, with the Nasdaq-100 down 0.20%, S&P 500 down 0.07%, and Russell 2000 down 0.26%. Total volume across the four contracts stood at 202,672 at the latest delayed readings. The divergence highlighted the market's sensitivity to rising energy costs, which tend to pressure long-duration technology valuations.
In corporate news, Snowflake Inc. (NYSE:SNOW) saw its shares surge 23.82% in premarket trading after the company raised its product-revenue outlook following a 37% year-over-year increase in quarterly product revenue, which reached $1.49 billion. Remaining performance obligations climbed 30% to $9.00 billion, according to an SEC filing. The strong results underscored sustained demand for cloud data platforms.
Conversely, Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) plummeted 44.03% after its Phase 3 Aspire study failed to meet primary and key secondary endpoints. Chief Executive Emil Kakkis described the outcome as "disappointing" in a company release. The stark contrast between the two stocks created a 67.8-point gap in premarket performance, highlighting the impact of company-specific news on individual equities.
Broadcom Inc. (NASDAQ:AVGO) also moved lower, slipping 3.12% despite reporting strong AI sales. The company projected fourth-quarter revenue of $34.8 billion, but investors appeared to demand an even higher bar for the semiconductor giant. CEO Hock Tan noted that demand for custom accelerators and networking products was "very strong," yet the stock still faced pressure.
Sector-wise, energy was the strongest performer among key indicators, gaining 0.38%, while technology lagged, down 0.33%. Health care added 0.19%, and real estate slipped 0.23%. The advance-decline ratio across 1,801 traded U.S. listings stood at 1.42-to-1 positive, with 897 advancers and 632 decliners.
Looking ahead, investors will monitor jobless claims and trade figures scheduled for release at 08:30 EDT, followed by ISM services data at 10:00 EDT. These economic indicators could provide further direction for markets, especially given the current volatility in energy prices and ongoing geopolitical tensions.
Analysts note that premarket liquidity remains limited, and futures prices are subject to delays. Unexpected developments in the energy sector or macroeconomic data could shift trends before the opening bell. The interplay between rising oil prices and tech valuations is likely to remain a key theme as markets digest the latest earnings and economic signals.
