U.S. stock index futures were down on Thursday following economic data. US producer prices rose by most in three years on services; US jobless claims edged Lower, continuing claims remained elevated.

Traders pared bets fed will cut rates in september.

Market Snapshot

At 8:34 a.m. ET, Dow E-minis were down 164 points, or 0.36%, S&P 500 E-minis were down 26.5 points, or 0.41%, and Nasdaq 100 E-minis were down 108.75 points, or 0.45%.

Pre-Market Movers

Bullish - Bullish, the crypto exchange and owner of CoinDesk, was up 9% in premarket trading after closing up 84% to $68 in itstrading debut Wednesday. The stock opened for trading Wednesday at $90, 143% above its initial public offering price of $37. Bullish raised more than $1.1 billion from the sale of 30 million shares. The company’s market value at the close of trading Wednesday was about $10 billion.

Cisco - Cisco Systems reported fiscal fourth-quarter adjusted earnings of 99 cents a share, just beating analysts’ estimates of 98 cents, as revenue rose 7.6% to $14.7 billion and exceeded forecasts of $14.62 billion. Cisco said artificial-intelligence infrastructure orders exceeded $800 million, bringing the fiscal 2025 total to more than $2 billion, well above Cisco’s original $1 billion target. The computer networking company said it expects fiscal first-quarter earnings of 97 cents to 99 cents a share on revenue of $14.65 billion to $14.85 billion. Analysts were expecting profit of 97 cents on revenue of $14.62 billion. Shares fell 2.2%.

TeraWulf - Terawulf stock surged 31% after the company announced it has secured two 10-year high-performance computing colocation agreements with Fluidstack, an AI cloud platform, valued at approximately $3.7 billion in contracted revenue. Google will backstop $1.8 billion of Fluidstack's lease obligations and receive warrants for approximately 41 million shares (8% equity stake) in TeraWulf.

Intuitive Machines - Intuitive Machines declined 12% after the space technology services company announced the pricing of a $300 million offering of convertible senior notes, up from a previously announced offering of $250 million.

JD.com - U.S.-listed shares of JD.com remained unchanged after the Chinese online retailer topped Wall Street’s earnings and revenue expectations. JD.com CEO Sandy Xu said the company’s food delivery business had “made healthy progress during the quarter in metrics such as order volume growth, merchant base expansion, full-time rider recruitment, and more importantly, synergies with retail and other existing businesses of JD.”

NetEase - NetEase shares slumped 6.3% in U.S. premarket trading Thursday after the Chinese internet technology company reported second-quarter earnings and revenue that missed analyst expectations.

Coherent - Coherent tumbled 19.4% even after posting better-than-expected fiscal fourth-quarter adjusted profit of $1 a share late Wednesday. The optical networking company issued an outlook for first-quarter revenue of between $1.46 billion and $1.6 billion versus expectations of $1.5 billion, and called for adjusted earnings of 93 cents to $1.13 a share compared with forecasts of $1.02. It also said it reached an agreement to sell its aerospace and defense business to private-equity group Advent for $400 million.

Deere - Deere fell 7.3% after the agricultural and construction equipment maker reportedbetter-than-expected fiscal third-quarter earningsbut fiscal-year financial guidance was trimmed.

Bumble - Bumble stock dropped 13% following reports that shareholders are offering a block of shares at a significant discount to the day’s closing price.

Tapestry - Tapestry sank 12% after the fashion-brand company said it expects fiscal 2026 earnings of $5.30 to $5.45 a share, below Wall Street estimates of $5.49.

Ibotta - Ibotta was tumbling 36% after the performance marketing platform reported second-quarter earnings and revenue that missed analysts’ expectations. The company sees revenue of between $79 and $84 million in the current third quarter, down 17% from last year at the midpoint and well below estimates.

DLocal Limited - Emerging markets online payments-focused company dLocal surged 25% after posting second-quarter adjusted earnings of 14 cents a share, beating Wall Street estimates of 13 cents, as revenue jumped 50% from a year earlier to $256.5 million. The company said total payment volume in the quarter reached a record $9.2 billion, up 53% year over year.

Klaviyo - Klaviyo stock dropped 1.8% after the customer relationship management company announced that entities affiliated with Summit Partners would be selling 6.5 million shares of Series A common stock in an underwritten public offering.

Market News

Bitcoin Hits Fresh Record as Fed Easing Bets Add to Tailwinds

Bitcoin hit a record high on Thursday as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms.

The world's largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the second largest crypto-token ether hit $4,780.04, the highest level since late 2021.

Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year.

Largest U.S. Pension Buys Up Coinbase, Palantir, Nvidia, and Robinhood Stock

The largest U.S. pension by assets has made material changes in some of its largest holdings.

California Public Employees’ Retirement System bought more shares of crypto exchange Coinbase Global, data-analytics firm Palantir Technologies, artificial-intelligence chip firm Nvidia, and digital brokerage Robinhood Markets in the second quarter.

Calpers, as the pension is known, disclosed the trades in a form it filed with the Securities and Exchange Commission. The pension manages about $570 billion of assets.