By Joe Woelfel

Stock futures were mostly higher Thursday following a plunge on Wall Street after a poorly received 20-year bond auction pushed Treasuries to lows for the year as yields climbed. Treasuries steadied early Thursday.

These stocks are moving the most Thursday:

Snowflake rose 10% after it reported fiscal first-quarter adjusted earnings that were better than expected and revenue rose 26% from a year earlier to $1.04 billion. It was the cloud-based data storage company's first-ever $1 billion revenue quarter. Product revenue -- derived from Snowflake customers' consumption of compute, storage, and data transfer -- also increased 26% from the previous year to $996.8 million and beat Wall Street estimates. The company said it expects second-quarter product revenue of between $1.035 billion and $1.04 billion, higher than consensus of $1.02 billion.

AT&T slipped in premarket trading after the telecommunications giant agreed to acquire substantially all of Lumen Technologies' residential fiber broadband network for about $5.75 billion in cash. Lumen's Mass Markets fiber business includes about 1 million fiber customers, including residential and business customers, and reaches more than 4 million fiber locations across 11 states. Lumen shares jumped 13%.

UnitedHealth declined 2.5%, Humana was falling 3.4%, and CVS Health fell 1.9% after the Centers for Medicare & Medicaid Services announced it was expanding its auditing efforts for Medicare Advantage plans to crack down on overpayments. "Beginning immediately, CMS will audit all eligible MA contracts for each payment year in all newly initiated audits and invest additional resources to expedite the completion of audits for payment years 2018 through 2024," the agency said in a statement.

Enphase Energy fell 9.3% and First Solar was down 5.9% after Bloomberg reported House Republican leaders released an updated version of President Donald Trump's tax and spending bill that eliminates Biden-era clean energy tax breaks.

Nike was up 2.3% after the sportswear company said it plans to sell products on Amazon.com's U.S. site for the first time in more than five years. Nike stopped selling to Amazon directly in November 2019 to focus on its direct business, according to The Wall Street Journal.

Shares of Urban Outfitters soared 18% after the conglomerate of apparel brands reported an increase in first-quarter earnings and sales. The company's three main brands -- Anthropologie, Free People, and its namesake brand Urban Outfitters -- each posted sales increases in the period.

Alphabet was up 1.3% in premarket trading. The stock rose 2.8% on Wednesday, bucking the stock market's slide, as investors -- initially cool to the company's new artificial-intelligence offerings -- warmed to its AI developments.

CoreWeave rose 6.2% after ending Wednesday's session with a gain of 19%. The stock rose sharply as the AI cloud company announced it had priced $2 billion of senior notes with a 9.25% interest rate due in 2030. CoreWeave told Barron's the deal size was upsized by $500 million and was five times oversubscribed.

Earnings reports are expected Thursday from Intuit, Analog Devices, Workday, Autodesk, Copart, Ross Stores, Williams-Sonoma, Deckers Outdoor, Ralph Lauren, Advance Auto Parts, and BJ's Wholesale Club.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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May 22, 2025 06:14 ET (10:14 GMT)

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