US Pre-Market: Futures Rise, Earnings Deluge and High Volatility in Stocks
US futures are up Thursday morning, after a consolidation session for the Dow Jones that ended three straight days of gains. Markets are digesting a flood of quarterly reports and mixed macroeconomic data.
US Futures Advancing
- Dow Futures (INDU): +0.35% at 50,297
- S&P 500 Futures (SPX): +0.39%
- Nasdaq 100 Futures (US100:IND): +0.31%
Investors are closely watching economic data and bond yield trends.
Macroeconomics: Jobs and Housing
- Initial Jobless Claims: +22,000 to 231,000
- Existing Home Sales: +5.1% in December to 4.35M (annualized rate)
Jobless claims ticked up slightly, while the housing market is showing signs of a rebound at year-end.
Bond Market: Mixed Yields
- US10Y: stable at 4.18%
- US30Y: slightly down to 4.81%
- US2Y: -1.5 bps to 3.51%
Short-term easing reflects more cautious expectations for monetary policy.
Noteworthy Pre-Market Movers
Biggest S&P 500 Gainers
- Equinix (EQIX): +8.64%
- Sandisk (SNDK): +6.07%
- Micron Technology (MU): +3.36%
Biggest Decliners
- Rollins (ROL): -12.50%
- Paycom Software (PAYC): -8.22%
- Cisco (CSCO): -7.74%
Biotech: Viking Therapeutics Extends its Rally
Viking Therapeutics (VKTX) continues to rise after encouraging updates on its experimental obesity treatment VK2735.
Key Points:
- Non-GAAP EPS: $1.38 (missed consensus by $0.48)
- Sharp increase in R&D spending ($153.5M vs $31.5M)
- Advanced phase study (oral version) to start in Q3 2026
- Phase 1 data expected Q3 2026
- IND filing with FDA planned for Q1 2026
Despite lower-than-expected earnings, the market welcomes clinical progress.
Tech & Software: Post-Earnings Volatility
AppLovin (APP) -6%
- EPS: $3.24 (vs $2.94 expected)
- Revenue: +66% to $1.658B
- Q1 2026 guidance above expectations
- $2.58B share buyback in 2025
Despite solid results, the stock fell in after-hours trading.
Cisco (CSCO) -7%
- Adjusted EPS: $1.02 (in line)
- Revenue: +10% to $15.35B
- Gross margin: 67.5%
- Remaining performance obligations: $43.4B (+5%)
Numbers topped expectations, but markets reacted negatively.
ICON (ICLR) -30%
The group withdrew its 2025 guidance due to an internal investigation into its accounting practices (revenue recognition 2023–2025).
Results release postponed until at latest April 30, 2026.
Energy Vault (NRGV) -16%
- Issued $140M in convertible bonds (5.25%)
- Initial conversion price: ~$5.18
- Use: debt repayment and general needs
Dilutive financing is weighing on the stock.
Fastly (FSLY) +45%
- Adjusted EPS: $0.12 (vs $0.06 expected)
- Revenue: +22.8% to $172.6M
- Record remaining performance obligations: +55%
- Q1 2026 guidance above expectations
The company is benefiting from renewed growth and a favorable AI effect.
