US stock futures softened on Thursday as a fresh jump in oil prices rattled risk appetite and traders re-priced the outlook for Federal Reserve rate cuts. Attention also stayed fixed on Walmart’s latest results, with investors weighing a modest earnings beat against a more cautious tone on what comes next.
Futures tied to the S&P 500 slipped about 0.3%, while the Nasdaq 100 eased roughly 0.4%. Dow futures also dipped around 0.3% after a solid advance across major benchmarks in the prior session.
Oil jumps on US-Iran fears, pressuring sentiment
The risk-off tone followed a sharp move higher in crude, extending the biggest daily jump since October amid mounting concern around potential US military action involving Iran. Brent crude pushed above $71 a barrel, while West Texas Intermediate hovered near $66.
Gold also firmed, rising back above $5,000 an ounce as investors rotated toward defensive positioning during the latest geopolitical flare-up.
Fed minutes show divisions on the next move
Markets continued to digest minutes from January’s policy meeting, which highlighted meaningful differences among officials over the rate path. Some participants signaled openness to holding rates higher for longer amid persistent inflation, a tone that undercut confidence in a near-term cut cycle.
With that backdrop, traders looked ahead to Thursday’s data slate, including weekly jobless claims and a pending home sales report, for fresh reads on growth and the pressure points that could influence policy.
Walmart beats, but the stock slides in premarket
Walmart posted results for the holiday quarter and full year that edged past Wall Street expectations, but the stock slipped close to 3% in premarket trading as investors focused on guidance and macro risks.
For fiscal Q4 2026, Walmart reported adjusted earnings per share of $0.74, narrowly topping the $0.73 consensus. Revenue increased 5.6% to $190.7 billion, essentially in line with expectations of $190.6 billion.
For fiscal year 2026, Walmart revenue came in at $715.9 billion versus expectations near $713 billion, while adjusted EPS was $2.64, about a cent above forecasts.
Management pointed to potential headwinds including tariffs, geopolitical conditions, and inflation. The report also landed as a closely watched marker for the US consumer, given Walmart’s scale and its role as a bellwether for value-oriented demand.
For the full earnings breakdown and market reaction, read our related coverage here: Walmart (WMT) stock today after Q4 earnings.
Premarket movers: Etsy, eBay, Deere, EPAM
Beyond the index-level pullback, several notable names moved sharply before the opening bell. Etsy surged about 22% after announcing it will sell Depop to eBay for $1.2 billion, even as quarterly revenue missed expectations.
eBay climbed roughly 7% after posting fourth-quarter results that beat estimates and confirming the Depop deal as it looks to broaden appeal with younger shoppers.
Deere rose about 5% after lifting its annual profit forecast, citing improved momentum in its construction business.
EPAM sank roughly 17% after offering first-quarter guidance broadly in line with expectations, a setup that fell short of the stronger growth outlook investors were looking for.
What markets are watching next
Thursday’s early dip reflects a market trying to balance solid corporate results against a more fragile macro mix: higher oil, geopolitical uncertainty, and a Fed that appears less unified on when cuts can safely begin. For official policy documents and updates, investors often track releases directly from the Federal Reserve’s FOMC calendar and materials.
