With Focus on Earnings Season, Stocks Falter – Europe Market Wrap

US equity futures drifted as traders look to the upcoming earnings season for validation of the AI frenzy that has powered a record rally.

S&P 500 futures were little changed after the gauge set another record on Wednesday. Nvidia rose in premarket trade after the US cleared several billion Dollars’ worth of chip shipments to the UAE. Other Magnificent Seven tech behemoths saw varied stock performance.

The Stoxx Europe 600 index fell from a high. Banks were a drag on the gauge, with Lloyds Bank falling after warning that it may need to set aside additional funds for disputed vehicle loans. HSBC fell on plans to privatise one of its banking operations.

Oil prices remained stable after Brent oil rose more than 1% on Wednesday, as traders focused on easing Middle East tensions. Gold remained at its record high above $4,000.

In Europe, Macron announced he will appoint a new prime minister by Friday evening, avoiding the need for a snap election, which would have exacerbated France’s political uncertainty. France’s CAC 40 market index rose for the third consecutive day.