Wall Street futures remain mixed: 5 things to know before markets open

• Broadcom fell 14% in premarket trading after missing revenue expectations, potentially erasing over $270 billion in market value and pressuring the broader chip sector despite maintaining its $100 billion AI chip sales forecast.
• Weekly jobless claims data due Thursday and Friday's monthly employment report will be closely watched for signals on whether the Fed will maintain a tighter policy stance for longer.
• US-Iran tensions and stalled talks to reopen the Strait of Hormuz threaten to keep oil prices elevated, adding to inflation concerns that could complicate the Federal Reserve's policy decisions.

Market Summary: Wall Street Futures Mixed Amid Tech Weakness

U.S. stock futures showed divergent moves Thursday morning, with Nasdaq 100 futures falling 1% while Dow Jones futures gained 0.39%. S&P 500 futures declined 0.35%, threatening the index's nine-week winning streak.

Key Movers:

Broadcom (AVGO) plunged 14% in premarket trading after reporting disappointing revenue despite maintaining its $100 billion AI chip sales forecast. The decline could erase over $270 billion in market value and is weighing heavily on the semiconductor sector. The stock had surged nearly 55% this quarter before the miss.

CrowdStrike dropped 10% after reporting increased first-quarter operating expenses, adding to technology sector concerns about cost management.

Market Catalysts:

Investors await critical employment data, with weekly jobless claims due Thursday followed by the monthly jobs report Friday. These figures will provide insight into whether the Federal Reserve will maintain its restrictive policy stance. An ISM survey showed the U.S. services sector expanded in May.

Geopolitical Risks:

Tensions between the U.S. and Iran continue to cloud sentiment. Despite an early April ceasefire, negotiations to reopen the Strait of Hormuz remain stalled, threatening elevated oil prices and complicating the Fed's inflation fight through higher energy costs.

Additional Developments:

SpaceX begins its investor roadshow Thursday ahead of its June 12 IPO debut, providing a potential bright spot amid the cautious market tone.

The mixed session follows a powerful rally that pushed major indexes to record highs, with traders now assessing whether momentum can continue amid earnings disappointments and policy uncertainty.