US stock futures traded near flat Wednesday evening after Wall Street rallied to fresh record closes, fueled by optimism that Washington and Tehran could be moving toward a diplomatic breakthrough.
Futures linked to the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) edged slightly lower by roughly 0.1%, while Dow futures (YM=F) slipped just below the baseline.
In after-hours trading, Arm (ARM) whipsawed as investors cheered its initial results, but then got spooked about chip supplies during the company’s earnings call. DoorDash (DASH) surged 12% after projecting stronger-than-expected second-quarter order growth.
Earlier in the session, major indexes posted strong gains. The S&P 500 (^GSPC) advanced 1.5% and the Nasdaq Composite (^IXIC) rallied 2%, with both benchmarks finishing at record highs. The Dow Jones Industrial Average (^DJI) climbed more than 600 points.
Investor appetite for risk strengthened after a report from Axios indicated the US and Iran are nearing a preliminary agreement aimed at ending hostilities and reopening broader nuclear negotiations. A steady march of impressive tech earnings that confirmed the strength of the AI trade also uplifted market sentiment.
Domestic focus stays on what has already been a busy week for jobs data. April’s layoff announcement data from the outplacement firm Challenger, Gray & Christmas will land on Thursday.
Wall Street’s attention will also turn to another busy day of earnings, with reports expected before Thursday’s open from McDonald’s (MCD), Shake Shack (SHAK), and Papa John’s (PZZA).
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Stock market coverage for Thursday, May 7, 2026.