Photronics slumps; Best Buy, Snowflake surge

Investing.com - U.S. stock futures pointed lower on Thursday, as a fresh exchange of strikes in Gulf dented hopes for a U.S.-Iran peace deal and investors geared up for key inflation data closely watched by the Federal Reserve.

By 06:37 ET (10:37 GMT), the Dow futures contract was down by 60 points, or 0.1%, S&P 500 futures had fallen by 14 points, or 0.2%, and Nasdaq 100 futures had slipped 127 points, or 0.4%.

Here are some of the biggest premarket U.S. stock movers today:

• HP shares inched down after the company flagged that margins would be weighed down by elevated memory-chip costs.
• Marvell Technology oscillated around the flatline in the wake of first-quarter results.
• Drone makers, such as Unusual Machines and AeroVironment, rallied on a Wall Street Journal report that the administration was in discussions over funding for these names.

• Photronics shares slumped by more than 25% after the photomask maker’s fiscal second-quarter revenue dropped due in part to an ongoing supply crunch in memory chips.

• Best Buy shares spiked after the company unveiled a second-quarter sales forecast which topped estimates thanks to steady demand for laptops and computers.

• Caesars Entertainment announced that it will be bought by Tilman Fertitta-owned company as part of a $17.6 billion deal, sending shares higher.

• Salesforce edged lower after the software group’s second-quarter revenue outlook came in below forecasts.
• Snowflake shares surged after the data storage and analytics company lifted its full-year revenue forecast, while a $6 billion deal to access Amazon’s chips boosted investor sentiment that the firm will benefit from soaring enthusiasm around AI.

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