Futures Steady as Earnings Roll In; Oil Soars After US Sanctions Russia – Europe Market Wrap

US equity futures were steady and European shares hovered near record territory as investors weighed another round of corporate earnings and shifting geopolitical risks. Crude oil surged to a two-week high after President Donald Trump unveiled sanctions on Russia’s largest energy producers.

Contracts on the S&P 500 and Nasdaq 100 were little changed. Tesla Inc. fell in premarket trading after reporting weaker-than-expected profits despite a sharp jump in sales. IBM and Molina Healthcare Inc. also tumbled following disappointing results. T-Mobile US Inc., Blackstone Inc. and Intel Corp. are among the major companies due to report later Thursday.

Brent crude jumped more than 5%, climbing past $65 a barrel after Washington blacklisted state-run Rosneft PJSC and Lukoil PJSC, raising concerns about supply disruptions and prompting traders to brace for a realignment in global energy flows. The European Union followed suit, approving new sanctions aimed at Russia’s energy infrastructure. Refiners in India — one of Moscow’s key oil buyers — warned that the restrictions could interrupt shipments.

Earnings have been largely upbeat so far, providing support for equities even as a mix of macroeconomic and geopolitical headwinds keeps traders on edge. The Trump administration’s proposal to restrict software exports to China revived concerns about an escalation in the trade conflict. At the same time, investors are looking to the Federal Reserve for another rate cut later this month, while awaiting delayed September inflation data expected Friday.