Stock Market Today: Dow Futures Gain, Nasdaq 100 Tumbles as Hormuz Deal Talks Progress—SpaceX, SanDisk, Applovin in Focus (UPDATED)

(Editor’s note: The ETFs data was updated and economic data was added.) U.S. stock futures were mixed on Thursday, as the Dow Jones and S&P 500 indices rose and the Nasdaq 100 index declined, following Wednesday’s mixed close.

Fresh economic data signaled a resilient labor market alongside steady economic output, as preliminary second-quarter nonfarm labor productivity rose at a 1.4% annualized rate while unit labor costs grew by 1.3%.

Meanwhile, weekly initial jobless claims for the week ending Aug.

1 edged up slightly by 1,000 to a seasonally adjusted 199,000—holding well below key benchmark levels and continuing to demonstrate underlying strength in employment.

While crude prices eased with Brent Oil Futures trading around $79.91 per barrel at the last check, Iran reported the shipping agreement was in its final stages; significant sticking points remain over control and cargo fees, with Washington continuing to resist Iranian authority over the waterway.

Meanwhile, the 10-year Treasury bond yielded 4.62%, and the two-year bond was at 4.20%.

The CME Group’s FedWatch tool’s projections show markets pricing a 54.9% likelihood of the Federal Reserve hiking the current interest rates during its September meeting.

Index Performance (+/-) Dow Jones 0.25% S&P 500 0.12% Nasdaq 100 -0.39% Russell 2000 0.03% The SPDR S&P 500 ETF Trust (NYSE: SPY ) and Invesco QQQ Trust ETF (NASDAQ: QQQ ), which track the S&P 500 and Nasdaq 100, respectively, were mixed in premarket on Thursday.

The SPY was up 0.13% at $770.80, while the QQQ declined by 0.56% to $713.30.

Read Also: Stock Market: Will S&P 500 Open Up or Down Today? Stocks In Focus SpaceX Space Exploration Technologies Corp. ‘s (NASDAQ: SPCX ) was 2.87% higher in premarket as its staggered unlock schedule for shares will begin on Thursday, releasing up to 20—30% of restricted insider shares, with subsequent tranches rolling out through late 2026 and the final major expiration ending on Dec.

8, 2026, and Elon Musk ‘s personal shares locked until June 2027. ’s Edge Stock Rankings indicate that SPCX maintains a weak price trend in the short, long, and medium terms.

SanDisk SanDisk Corp. (NASDAQ: SNDK ) dropped 9.45% in premarket on Thursday despite posting better-than-expected fourth-quarter results after Wednesday’s closing bell.

The company’s board of directors approved a $14 billion share repurchase program expansion, bringing the total to $15.5 billion available for purchases. ’s Edge Stock Rankings indicate that SNDK maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a bad value score.

Western Digital Western Digital Corp. (NASDAQ: WDC ) tumbled 13.89% as well despite beating fourth-quarter results.

It expects first-quarter adjusted EPS of $3.85 to $4.15, versus the $3.81 estimate, and revenue of $4 billion to $4.2 billion, versus the $4.01 billion analyst estimate. ’s Edge Stock Rankings indicate that WDC maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a poor growth score.

Applovin Applovin Corp. (NASDAQ: APP ) slumped 14.31% as it reported second-quarter revenue of $1.924 billion, missing analyst estimates of $1.935 billion and earnings of $3.76 per share for the quarter, beating estimates of $3.67 per share. ’s Edge Stock Rankings indicate that APP maintains a weak price trend in the long, short, and medium terms, with a bad value score.

HubSpot HubSpot Inc. (NYSE: HUBS ) also plunged 23.31% despite upbeat second-quarter earnings and sales results ’s Edge Stock Rankings indicate that HUBS maintains a strong price trend in the short and medium terms but a weak trend in the long term, with a good growth score.

Circle Internet Group Circle Internet Group Inc. (NYSE: CRCL ) declined 2.50% after reporting mixed second-quarter financial results ’s Edge Stock Rankings indicate that CRCL maintains a weak price trend in the short, long, and medium terms.

Read Also: AppLovin CEO Says Q2 Miss 'Came Down to Timing' as Company Guides for Strong Q3 Cues From Last Session Health care, financial, and materials stocks led the gains on Wednesday, driving most S&P 500 sectors higher, while energy and communication services dropped.

Index Performance (+/-) Value Dow Jones 0.49% 54,349.12 S&P 500 -0.17% 7,723.55 Nasdaq Composite -0.83% 26,363.44 Russell 2000 -0.59% 3,019.19 Insights From Analysts According to recent insights from the BlackRock Investment Institute, BlackRock maintains an overweight tactical view on U.S. equities, expecting robust corporate profitability driven by artificial intelligence to outweigh higher borrowing costs.

However, they caution that the broader economy and markets operate under a persistent “high-for-longer” rate regime shaped by structural supply scarcity, heavy government borrowing, and sticky inflation.

Key Market & Economic Expectations: U.S.

Stocks & AI Bottlenecks: BlackRock notes that “strong corporate earnings, fueled by the AI buildout and a favorable macro backdrop, are outpacing higher interest rate expectations.” Instead of broad stock exposure, they advise targeting AI bottlenecks—such as power, chips, data centers, and energy infrastructure.

Interest Rates & Scarcity Economy: BlackRock warns that energy constraints, tight labor markets, and geopolitical shifts keep borrowing costs elevated.

They state that these dynamics “underscore our long-held view of a world shaped by supply scarcity keeping inflation and borrowing costs higher.” Rethinking Bonds: With long-term yields elevated, BlackRock remains underweight long U.S.

Treasuries, observing that “for investors, the role of government bonds has sh