US index futures slipped Thursday as markets digested a busy week of earnings and noise from Washington. The Dow, Nasdaq, and S&P 500 all pointed lower in early trading.
Alphabet reports Q2 results after the close today. It is the single biggest print of the week. AI revenue and search ad trends are the key watch points. With short interest at just 1.46% of free float, the bears are not positioned against it. Options flow skews bullish. Intel also reports tonight. The chipmaker faces tougher scrutiny on its foundry turnaround. Short interest sits at 2.7% of free float.
Netflix and Coca-Cola are also in focus today. Netflix already drew three analyst target cuts this week from TD Cowen, Bernstein, and Barclays. All three kept buy or hold ratings. But the direction is down. Intuitive Surgical got a fourth target cut today — Stifel trimmed to $550 — following three more cuts earlier in the week.
Oil traders are warning that markets are close to running low on supply as the Strait of Hormuz shuts again. Stockpile buffers built up early in the Iran conflict are depleting fast. Energy IPOs are surging as investors hunt AI-adjacent power plays. GE Aerospace got a target raise to $435 from UBS today — a sign that defence-linked industrials remain in favour.
SPCX pulled back from post-IPO highs. Analyst Gary Black said a SpaceX acquisition of Tesla at current valuations would not "pass muster." Short interest in SPCX surged nearly 24 percentage points this week to 27.6% of free float. Bears are watching closely.
Nestlé and Thales both release first-half 2026 results tomorrow. European defence stocks remain a bright spot amid ongoing geopolitical tension.
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