Wall Street is likely to repeat the previous day’s losses on Thursday. The stock futures market suggests a lighter start to trading, especially for the technology-heavy Nasdaq indices. In addition to the growing uncertainty over the lack of an agreement to end the Iran war in the face of ever new skirmishes, Broadcom is causing the mood to deteriorate. The chip manufacturer’s sales forecast for the third quarter cannot keep up with expectations, while at the same time the quarterly figures turned out well. According to traders, the outlook again raises the question of how quickly demand for AI will actually pick up. The Broadcom share price collapsed by 12.6 percent premarket. In the wake of this, AMD fell by 4.0 percent, Intel by 3.7 percent and Nvidia by 0.9 percent.
“This is a classic case of very high expectations meeting a market that relies on perfection (…). Investors are currently punishing anything that doesn’t exactly meet their expectations,” explains analyst Matt Britzman from Hargreaves Lansdown.
The narrow Dow Jones index could hold up better than the broader market, which should also receive at least some support from slightly falling oil prices. The background is the agreement between Israel and Lebanon to extend the ceasefire – provided, however, that the Iran-backed militia Hezbollah stops its attacks, which is not certain. Yields on the bond market are falling slightly due to falling oil prices.
After the recent convincing labor market data, the weekly initial applications for unemployment assistance will be published before the starting bell – a final indicator before the monthly report on the labor market due on Friday. As US productivity is revised, investors will likely keep an eye on unit labor costs and hourly wages as indicators of inflation.
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DJG/DJN/flf/gos
(END) Dow Jones Newswires
June 04, 2026 06:38 ET (10:38 GMT)
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