1. Microsoft Q3 Beats, Cloud Strong
2. Nvidia CEO Confident in US Chip Production
3. Musk To Remain Tesla CEO For 5 Years: Analyst

I. Market Report

Stock market futures surged early Thursday as strong quarterly reports from Microsoft Corporation(MSFT.US) and Meta Platforms(META.US) Platforms allayed concerns about a slowdown in artificial intelligence spending due to economic turbulence.

As of 08:16 AM, ET, the blue-chip Dow Jones Industrial Average(DJI.US) Futures edge up by 322 points or 0.79% to 41,092, the broad-based S&P 500 index(SPX.US) Futures jump higher by 68 points or 1.22% to 5,655, the tech-heavy NASDAQ(IXIC.US) Futures boost by 362 points or 1.84% to 20,021. (Data source: Wind Quant)

General Motors Company(GM.US) cut its 2025 forecast due to tariff concerns, but shares still rose nearly 3% in premarket trading. Tesla Motors, Inc.(TSLA.US) shares traded higher after officials denied reports of a board search for a new CEO.

Despite weak economic data from the Commerce Department, investors looked past the news and began buying back into the market, resulting in a late-session rebound for the Dow Chemical Company(DOW.US) and S&P 500 index(SPX.US) .

As of 03:26 PM Riyadh Time, top pre-market movements are as follows:

II. Flash Headlines

Trump Calls for Rate Cut, Critics Powell

Donald Trump urges Federal Reserve Chairman Jerome Powell to cut interest rates, saying he knows more about them than Powell does.

Musk Wants Gov't Efficiency Team to Review Fed Costs

Elon Musk suggests sending a government efficiency team to review the Federal Reserve's costly headquarters renovation, which has reached US$2.5 billion. Musk is concerned about the Fed's deficits and wants to ensure taxpayer money is spent wisely.

US GDP Shrinks in Q1 Due to Tariffs

The United States' GDP shrank by 0.3% annually in Q1 2025, impacted by Trump's tariff policy leading to import surge and gov't spending cut.

Treasury Sets US$125B Bond Issuance

The US Treasury Department will issue US$125 billion in bonds next week, in line with expectations, and is evaluating enhancements to its buyback program. The offering includes US$58 billion in three-year notes, US$42 billion in 10-year notes, and US$25 billion in 30-year bonds.

Yellen Warns of Tariff Recession Risk

Janet Yellen says Trump's tariffs have had very negative impact on US, raising chances of recession and causing adverse consequences for consumers and US companies relying on imports.

JPMorgan: US Stocks, Dollar Decline Due to Speculation

JPMorgan Chase & Co.(JPM.US) strategists say recent decline in US stocks and dollar is driven by speculative investors taking short positions, not hedging. Little evidence of increased hedging by non-US active managers. Shift from unhedged to hedged US equity ETFs noted, but small size suggests retail investor flows.

III. Stocks To Watch

Tech Stocks Pre-Market Summary

Microsoft Corporation(MSFT.US) and Meta Platforms(META.US) lead pre-market gains, up 8.1% and 6.9% respectively, after strong earnings; Apple Inc.(AAPL.US) falls 1.6% after court ruling on App Store payment options.

Microsoft Q3 Beats, Cloud Strong

Microsoft Corporation(MSFT.US) reports Q3 revenue of US$70.07B (+13% YoY), EPS of US$3.46, beating estimates. Cloud revenue up 20% YoY, Azure and other cloud services up 33% YoY. Stock up 5.5% in after-hours trading. 

Read More: Microsoft's Q3 Earnings Surpass Expectations: Strong Growth in Cloud Computing

Nvidia CEO Confident in US Chip Production

NVIDIA Corporation(NVDA.US) CEO Jensen Huang is "confident" the US can domestically produce chips.

Musk To Remain Tesla CEO For 5 Years: Analyst

Dan Ives of Wedbush Securities believes Elon Musk will stay as Tesla Motors, Inc.(TSLA.US) CEO for at least five years, amid rumors denied by the company as 'absolutely false.

McDonald's Q1 Report Preview

McDonald's Corporation(MCD.US)'s expected to report Q1 earnings pre-market Thursday, with US same-store sales forecasted to decline for two consecutive quarters, revenue projected at US$6.09 billion.

IV. Calendar

Day's Notable Event(s):