The iShares Core S&P 500 ETF tracks the S&P 500, which rose 9.06 points, or 0.12%, to 7,753.12 after the market open.

Market open snapshot

The index posted a modest gain at the start of the trading session, as reflected in the key figures below.

U.S. stock futures were mixed on Thursday as the Dow Jones rose while the S&P 500 and Nasdaq 100 indices declined following Wednesday's lower close. The divergence was driven by a sharp selloff in Asian chip stocks and escalating geopolitical tensions in the Middle East.

The risk-off sentiment stemmed from hotter-than-expected U.S. inflation data, which stoked aggressive Federal Reserve rate-hike fears and raised doubts over funding the artificial intelligence buildout. A cargo ship sinking after striking a mine in the Strait of Hormuz further pressured global markets.

Market Performance Snapshot

The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.23% at $767.83, while the Invesco QQQ Trust ETF (NASDAQ: QQQ) declined 1.04% to $721.40 in premarket trading. The 10-year Treasury bond yielded 5.09%, and the 2-year Treasury bond yielded 4.72%. The CME Group’s FedWatch tool shows markets pricing in a 29.3% likelihood of a Federal Reserve rate hike after its October meeting.

Stocks In Focus

Home Bancshares

Home Bancshares Inc. (NYSE: HOMB) was 1.70% lower in premarket trading after reporting mixed third-quarter results. Benzinga's Edge Stock Rankings indicate HOMB maintains a weak price trend with a poor quality score.

Taiwan Semiconductor

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) slipped 2.10% despite delivering a strong third-quarter profit that beat estimates. Surging demand for AI chips pushed revenue sharply higher, yet the stock faced broader sector pressure.

Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson ADR (NASDAQ: ERIC) surged 9.92% in premarket trading after announcing a simplification of its Group structure and changes to the Executive Team.

Rocket Lab

Rocket Lab Corp. (NASDAQ: RKLB) slumped 9.77% after its Neutron launch was officially pushed to 2027.

SK Hynix

SK Hynix Inc. ADR (NASDAQ: SKHY) sank 6.47% following the Asian selloff. This occurred despite reports that it is making plans to build a new NAND flash memory factory in the United States conditional on Washington approving export licenses for U.S. chipmaking equipment.

Analyst Insights And Economic Data

The BlackRock Investment Institute upgraded its outlook on short-term U.S. Treasuries to overweight while taking a neutral stance on broader U.S. equities. The firm described the shift as a short-term risk-management move, noting that expectations for further Fed hikes look excessive.

Investors are watching several key economic releases today, including October's Empire State manufacturing survey, September's retail sales, and September's PPI data. Fed Chairman Kevin Warsh is scheduled to speak later in the session.

Commodities And Global Markets

Crude Oil WTI futures traded lower by 0.34% to hover around $94.77 per barrel. Gold Spot US Dollar rose 1.08% to $4,149.71 per ounce, while the U.S. Dollar Index fell 0.53% to 102.0070. Bitcoin was trading 2.60% lower at $81,151 per coin.

Asian markets were lower on Thursday except for India's Nifty 50 index. Australia's ASX 200, South Korea's Kospi, China's CSI 300, Hong Kong's Hang Seng, and Japan's Nikkei 225 indices all fell.