North American Morning Briefing: Nasdaq Futures Slip on AI Anxiety

Stock futures were mixed Thursday as investors once again grew nervous

about the durability of artificial-intelligence spending.

The Dow Jones Industrial Average was eyeing a fresh record high but the Nasdaq was on track for its second consecutive day of declines.

Tech stocks sold off after results from Sandisk and Western Digital-while both showing strong growth-failed to live up to investors' lofty expectations.

Investors will be keeping an eye on shares of SpaceX as Thursday sees the expiry of a lock-up period that will allow some insiders to sell stock.

"The week's equity rally began to run out of steam by the close yesterday," Deutsche Bank said, although it noted that strong earnings and the agreement between Iran and Oman to reopen the Strait of Hormuz could serve as catalysts.

Negotiators were finalizing a draft deal on Wednesday that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it levy tolls or service fees, The Wall Street Journal reported. If a deal is announced, the U.S. and Iran would return to the negotiating table.

Oil prices edged higher in early trading, but Brent crude remained below $80 a barrel.

"The market is increasingly focusing on the disinflationary implications of lower energy prices," ING said.

For the day ahead, investors watch for U.S. second-quarter nonfarm productivity data. Warner Bros. Discovery WBD will report earnings later Thursday.

Stocks to watch

eBay ticked up slightly premarket after the company lifted its full-year outlook and reported revenue growth in its second quarter.

Warner Bros Discovery, Ralph Lauren, Fox are among the companies set to report earnings ahead of the opening bell. Airbnb, Lyft, Sweetgreen, AIG are scheduled to release results after the close.

Western Digital fell more than 14% premarket despite a more than elevenfold increase in quarterly profit driven by AI storage demand. Sandisk shares also dropped in off-hours trading, falling 7%, despite reporting soaring revenue.

Watch For:

U.S. Weekly Jobless Claims; U.S. Preliminary Productivity and Costs for 2Q

Today's Top Headlines/Must Reads:

- A User's Guide to the Universe of Rogue AI Bots

- Deal or No Deal, AstraZeneca Stock Is a Bargain

- Airlines Push Back Against ICE Enforcement at Airports

MARKET WRAPS Forex:

The dollar rose slightly as markets continued to bet on the Federal Reserve raising interest rates this year despite more positive headlines on the Iran war easing oil prices.

The euro fell. The currency could struggle to rise meaningfully unless U.S. nonfarm payrolls data on Friday are weaker than anticipated, ING said.

Bonds:

Treasury yields were slightly higher across the curve, although more so for short-dated yields as investors bet on Federal Reserve rate hikes to tame inflation.

Energy:

In early European trade, Brent was up 0.5%, while WTI futures rose 0.2%.

Metals:

Gold prices held above the $4,300-an-ounce mark after Wednesday's rally amid growing optimism that a deal to reopen the Strait of Hormuz will ease inflationary pressures and interest-rate hike expectations.

Copper

Copper was higher in early trading, driven by investors' concerns about potential U.S. tariffs. "Speculation that the U.S. will impose a tariff on copper imports has driven U.S. imports of the metal to more than 200,000 tons in July," ANZ said.

TODAY'S TOP HEADLINES

Siemens Shares Fall as Digital Industries Order Growth Misses Expectations

Shares in Siemens fell after order growth in its digital industries division missed expectations while market forecasts for smart infrastructure already sit within the newly upgraded guidance.

In European morning trade, shares were 4% lower at 274.55 euros, but almost 15% higher in the year to date.

Deal or No Deal, AstraZeneca Stock Is a Bargain

Few big-pharma bosses enjoy a stronger reputation on Wall Street than AstraZeneca's chief executive, Pascal Soriot.

So the idea that he would stake his company's future on a takeover of another pharma giant left investors scratching their heads, with many running for cover in recent days.

SoftBank Group Reports Profit Beat, Boosted by Intel Stake

SoftBank Group reported a drop in first-quarter profit due to lower gains from its Vision Funds business, though its bottom line still beat expectations, helped by a surge in the value of its stake in Intel.

The Japanese technology investment company said Thursday that net profit fell 18% from a year earlier to 347.33 billion yen, equivalent to $2.20 billion, for the three months ended June. That still beat the estimate of -Yen125.9 billion in a poll of analysts by data provider Visible Alpha.

Arms Maker Rheinmetall Trims Sales Guidance After Germany Scraps Frigate Project

Rheinmetall lowered its sales forecasts for the year after Germany scrapped a project to procure what could have been the country's biggest class of warship since the end of World War II.

The group said it expected annual sales between 13.7 billion euros and 14.2 billion euros, equivalent to a range of $15.83 billion to $16.41 billion. Those projections are above sales of nearly 9.94 billion euros that Rheinmetall reported last year, but below prior guidance between 14 billion euros and 14.5 billion euros.

Trump Has Called Warsh Repeatedly Since He Became Fed Chair

WASHINGTON-President Trump has spoken repeatedly with Kevin Warsh since he became chairman of the Federal Reserve, according to people familiar with the matter, maintaining a line of communication between a president and a central bank chief that departs from recent precedent.

The president calls Warsh in bursts, the people said-several times in a stretch of days, then quiet for longer periods. Trump has sought Warsh's counsel on a range of matters, including how the war in Iran and the rapid rise of artificial intelligence are affecting the economy, some of the people said. Warsh has been on the job for less than three months.

Scott Bessent's Yen Trade Has Unintended Consequences for the Markets

The joint U.S.-Japan support of the yen is unusual. The way it is being financed is unprecedented, and adds liquidity when the punch bowl of the U.S. economy and markets is already overflowing.

Put simply: America is printing dollars so Japan can buy yen. It isn't quite quantitative easing, because the Federal Reserve is lending Japan money in return for temporary ownership of Treasurys in repurchase agreements, rather than outright buying the Treasurys. But like QE it expands the Fed balance sheet and pumps billions of dollars into the economy.

German Factory Orders Continue to Defy Mounting Headwinds

German manufacturing orders unexpectedly jumped in June, a display of continued resilience amid high levels of uncertainty about the course of the conflict in the Middle East.

Factory orders rose 3.1% on month following a downwardly revised 0.3% rise in May, data agency Destatis said Thursday. A consensus of economists polled by The Wall Street Journal had expected a fall of 0.4%.

Trump Has Called Warsh Repeatedly Since He Became Fed Chair

WASHINGTON-President Trump has spoken repeatedly with Kevin Warsh since he became chairman of the Federal Reserve, according to people familiar with the matter, maintaining a line of communication between a president and a central bank chief that departs from recent precedent.

The president calls Warsh in bursts, the people said-several times in a stretch of days, then quiet for longer periods. Trump has sought Warsh's counsel on a range of matters, including how the war in Iran and the rapid rise of artificial intelligence are affecting the economy, some of the people said. Warsh has been on the job for less than three months.

Senate Panel Says It Has Obtained Copy of Fauci's Covid-Era Phone

WASHINGTON-A Senate panel investigating Dr. Anthony Fauci has obtained a copy of the doctor's iPhone, potentially securing even more records related to the doctor's actions during the Covid-19 pandemic.

The copy of the phone was transferred by the Department of Health and Human Services to the Senate Homeland Security Permanent Subcommittee on Investigations, which is chaired by Sen. Ron Johnson (R., Wis.).

Negotiators Close In on Deal With Iran to Open Hormuz

DUBAI-Iran and Oman were finalizing a draft agreement Wednesday to reopen the Strait of Hormuz that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it levy tolls or service fees, people familiar with the matter said.

The parties have agreed on the main points of the draft-which would set up an inbound lane near Iran and an outbound lane near Oman-and have shared it with the U.S., countries in the region and Iran's top leaders, who still needed to sign off, they said.

A Tibetan Activist Set Himself on Fire Outside the U.N.-and United His Cause

For New York City activists who support Tibet's independence, it was unusual that a movement stalwart, Lobga Rangzen, didn't join a major protest march July 1 between China's Consulate and the United Nations headquarters.

Instead, Lobga had been preparing a far more dramatic act the next day: sacrificing his own life for the cause.

Write to priscila.barrera@wsj.com

TODAY IN CANADA Earnings:

(MORE TO FOLLOW) Dow Jones Newswires

August 06, 2026 06:18 ET (10:18 GMT)