S&P500: Futures Steady With Oracle, Costco, PepsiCo in Focus Before the Open

S&P 500 Futures Steady After Record Close, Nasdaq Composite Breaks 23,000

S&P 500 futures are holding flat Thursday morning after the index notched a record close, with traders taking a breather following yesterday’s tech-driven rally that sent the Nasdaq Composite above 23,000 for the first time.

The Nasdaq climbed more than 1% on Wednesday, powered by strength in mega-cap tech. Nvidia gained over 2% after CEO Jensen Huang highlighted surging computing demand. It marked the S&P’s eighth win in the last nine sessions, though the Dow underperformed as blue chips lagged.

Fed Speakers in Focus as Markets Digest Mixed Rate Signals

With no major economic data on tap—thanks to the government shutdown—attention turns to the Fed. Chair Jerome Powell opened a community banking event this morning but avoided monetary policy.

Traders will be watching Michelle Bowman and Mary Daly, who speak later today, for any fresh signals on rate policy. The FOMC minutes released Wednesday showed officials split on the path forward, keeping market participants on edge for policy clues.

Costco Rises on Strong September Sales

Costco shares rose 1% premarket after reporting September sales of $26.58 billion—up 8% year-over-year—with U.S. comparable sales climbing 5.1%. International comps were even stronger, rising 8.5%.

The results reinforce consumer resilience in the big-box retail space heading into earnings season.

Oracle Gets ‘Outperform’ Rating on AI Deployment Thesis

Oracle caught a bid after Baird initiated coverage with an Outperform rating and a $365 price target—implying 27% upside from Wednesday’s close. The firm cited Oracle’s positioning to capitalize on the shift from AI model training to real-world deployment.

The call comes as Oracle rebounds from an 11% pullback from its September high of $384, driven by concerns about cloud margins and chip availability. Despite that dip, shares are still up over 100% in the past six months.

PepsiCo Beats on Earnings, Shares Edge Higher

PepsiCo topped expectations with adjusted Q3 EPS of $2.29 on $23.94 billion in revenue. The stock rose about 1% premarket. The beat suggests consumer staples remain resilient, even as growth moderates.

The Setup: Fed Talk and Yields Take the Wheel

Yesterday’s tech rally has cooled off in early trading, with Fed speakers taking center stage. Watch Treasury yields—a move higher could cap tech, while steady rates might give bulls more room. Expect markets to stay reactive to policy commentary, with big bank earnings kicking off Friday.

More Information in our Economic Calendar.