U.S. stock futures showed mixed performance late Thursday as investors cautiously anticipated a key jobs report and considered policy signals from Washington. These signals pertained to trade, interest rates, and the housing market. Nasdaq 100 futures decreased by 0.2%, while S&P 500 futures fell by 0.1%. Dow futures, however, rose by 0.6%.
Trading activity was influenced by two potential developments: a possible ruling from the U.S. Supreme Court regarding the legality of tariffs imposed during the Trump administration, and recent comments made by former President Trump concerning mortgage markets. In the previous trading session, the Dow Jones Industrial Average increased by 0.6%, the S&P 500 climbed 0.01%, and the Nasdaq Composite declined by 0.4%.
Trump stated on Thursday via social media that he is directing representatives to purchase $200 billion in mortgage bonds. He argued this action would help lower mortgage rates and monthly payments, referencing the substantial cash reserves held by Fannie Mae and Freddie Mac. This announcement followed a prior statement where Trump indicated plans to restrict large institutional investors from purchasing single-family homes, citing rising inflation and housing costs.
Economist Peter Schiff expressed concerns on X, suggesting that lower home prices, rather than increased credit, are the necessary solution to the housing affordability crisis. He warned that directing additional government-backed credit into the mortgage market could encourage overpayment for homes, exacerbating the problem. Schiff also noted that sourcing the $200 billion from government-sponsored entities could reduce availability for U.S. Treasuries, potentially leading to higher Treasury yields and increased inflation.
Several stocks experienced notable movements. Opendoor Technologies shares increased by over 12% after hours, building on a 5% rise during regular trading, spurred by mortgage-related policy discussions. Rocket Companies’ stock gained 7% in extended trading after a slight decline during the regular session, also influenced by mortgage and rate news. Aclarion shares fell approximately 13% after hours, following a 42% surge during the session related to business updates and financial projections. FlyExclusive more than doubled in value during regular trading after announcing a dealership agreement with Starlink for high-speed connectivity. Oscar Health shares rose nearly 7% after hours, reacting to a House vote supporting ACA subsidy extensions, despite an insider share sale. Enliven Therapeutics shares added about 1% after hours, following a 50% increase during the session due to positive Phase 1b trial data.
Oil prices rebounded after two consecutive days of declines, reaching a two-week high. Brent crude rose $2.03, or 3.4%, to $61.99 a barrel, while U.S. West Texas Intermediate gained $1.77, or 3.2%, to $57.76. The yield on the benchmark 10-year U.S. Treasury was last around 4.18%. Asian equities showed mixed results, with gains in Japan and Australia, while South Korea lagged.
Upcoming economic data releases include housing starts and building permits figures, updated University of Michigan consumer sentiment readings, and remarks from Minneapolis Fed President Neel Kashkari and Richmond Fed President Tom Barkin.
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