U.S. stock futures were swinging on Thursday following Wednesday’s mixed moves. Futures of major benchmark indices were mixed.

The Donald Trump administration filed an appeal with the Supreme Court on Wednesday, asking for an expedited review after a federal appeals court declared last week that the president had overstepped his authority.

“If we don't win that case, our country is going to suffer so greatly, so greatly,” Trump said to reporters at the White House on Wednesday. He added that the tariffs were critical to trade agreements negotiated with major allies, including the European Union, Japan, and South Korea, in recent months.

Meanwhile, the 10-year Treasury bond yielded 4.20% and the two-year bond was at 3.60%. The CME Group's FedWatch tool‘s projections show markets pricing a 97.5% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.13% at $644.60, while the QQQ advanced 0.18% to $571.08, according to Benzinga Pro data.

Cues From Last Session

Most sectors on the S&P 500 closed on a negative note, with industrials, energy, and materials stocks recording the biggest losses on Wednesday. However, communication services and information technology stocks bucked the overall market trend, closing the session higher and leading U.S. stocks to a mixed settlement, with the Nasdaq Composite gaining 1%.

Shares of Alphabet Inc. Class C (NASDAQ:GOOG) jumped over 9% after a U.S. court issued remedies in the DOJ antitrust case that were less severe than feared. Apple Inc. (NASDAQ:AAPL) gained about 4% as the ruling preserves a lucrative revenue stream. Campbell's Co. (NASDAQ:CPB) shares gained 7% after posting better-than-expected earnings, while Macy’s Inc. (NYSE:M) jumped more than 20% after raising its FY2025 guidance.

Contributing to the negative sentiment on the economic front, U.S. job openings declined by 176,000 to 7.18 million in July 2025, falling short of market expectations of 7.4 million. New orders for U.S.-manufactured goods also declined by 1.3% month-over-month to $603.6 billion in July, following a 4.8% plunge in the prior month.

The Dow Jones index ended 25 points or 0.05% lower at 45,271.23, whereas the S&P 500 index rose 0.51% to 6,448.26. Nasdaq Composite advanced 1.02% to 21,497.73, and the small-cap gauge, Russell 2000, tumbled 0.095% to end at 2,349.97.

Insights From Analysts

As the Trump administration urgently appeals to the Supreme Court to save its signature tariff policy, strategists and analysts suggest the administration has a "backup plan" that could keep the controversial duties in place, regardless of the high court's final decision. –

A note from LPL Research suggests the legal showdown may not be the final word. Chief Equity Strategist Jeff Buchbinder argues that even if the Supreme Court upholds the decision, other legal avenues exist to restore the tariffs, saying that the administration's “backup plan is in place.”

According to the analysis, the most likely path involves using Section 122 of the Trade Act, which allows for temporary tariffs for 150 days in response to large trade deficits.

This would provide a window for the U.S. Trade Representative to conduct investigations needed to impose longer-term tariffs under Section 301, which targets unfair trade practices.

While this process would create near-term uncertainty and a potential short-lived boost for corporate America if tariffs are temporarily lifted, LPL Research concludes the administration's "long-term strategy… remains intact."

With roughly $200 billion in annualized revenue at stake, the ultimate fate of the tariffs remains a pivotal issue for the U.S. economy, even beyond the upcoming Supreme Court battle.

Meanwhile, as Gold’s relentless rally in 2025 has left the S&P 500 in the dust, Veteran strategist Ed Yardeni wrote on Tuesday that the trend is unlikely to reverse soon.

He highlighted that rising wealth in India and growing investor anxiety in China -- particularly following the collapse of its housing sector -- are fueling private sector demand for gold as well.

“President Trump';s attempts to reorder the world’s geopolitical order… might be unsettling and bullish for gold,” Yardeni said, adding that any threat to Federal Reserve independence from the Trump administration is also likely to support higher gold prices.

Bank of America analyst Paul Ciana said gold’s breakout past $3,500 confirms a medium-term bullish triangle formation.

His next upside targets are $3,735 and potentially near $4,000 -- a level some analysts believe could be hit before year-end. Ciana described the breakout as “tactical,” suggesting that momentum could carry prices even higher.

He also flagged strength in other precious metals: Silver has surpassed $40, with resistance at $47.40 and a possible test of its 2011 highs near $50. Platinum is showing bullish signals above $1,260.

See Also: How to Trade Futures

Upcoming Economic Data

Here's what investors will be keeping an eye on Thursday;

• August’s ADP employment data will be out by 8:15 a.m. ET.
• The initial jobless claims data for the week ending Aug. 30, the second-quarter U.S. productivity revision, and July’s U.S. trade deficit data will be out by 8:30 a.m. ET.
• August’s S&P final U.S. services PMI will be released at 9:45 a.m., and August’s ISM services data will be out by 10:00 a.m. ET.
• Senate Banking nomination hearing for Stephen Miran to be Fed governor will take place at 10:00 a.m., New York Fed President John Williams will speak at 12:05 p.m., and Chicago Fed President Austan Goolsbee will speak at 7:00 p.m. ET.

Stocks In Focus

• American Eagle Outfitters Inc. (NYSE:AEO) surged 24.30% in premarket on Thursday after reporting a better-than-expected second quarter following successful celebrity marketing campaigns featuring actress Sydney Sweeney and NFL star Travis Kelce, which attracted over 700,000 new customers in the second quarter.
• Salesforce Inc. (NYSE:CRM) dropped 6.61% as the company issued third-quarter sales guidance with its midpoint below estimates.
• Hewlett-Packard Enterprise Co. (NYSE:HPE) was up 2.98% after posting upbeat earnings for the third quarter. It raised its fiscal 2025 adjusted EPS guidance to between $1.88 and $1.92, versus the $1.85 analyst estimate, and raised its fiscal revenue outlook to between $34.34 billion and $34.94 billion, versus the $33.45 billion estimate.
• Science Applications International Corp. (NASDAQ:SAIC) was up 0.47% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $2.24 per share on revenue of $1.86 billion.
• Lululemon Athletica Inc. (NASDAQ:LULU) was 0.93% higher as analysts expect it to report earnings of $2.88 per share on revenue of $2.54 billion after the closing bell.
• Broadcom Inc. (NASDAQ:AVGO) advanced 0.90% as it is expected to report earnings after the closing bell. Analysts estimate earnings of $1.65 per share on revenue of $15.83 billion.
• BrilliA Inc. (NYSE:BRIA) skyrocketed 155.87% following the company's announcement of a cash dividend.
• Biodesix Inc. (NASDAQ:BDSX) zoomed 37.37% following disclosure of a substantial insider purchase by major shareholder Jack W. Schuler.
• Neonode Inc. (NASDAQ:NEON) plunged 76.53% despite announcing it expects $15-20 million from a Samsung Electronics patent settlement.

Commodities, Gold, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 1.0% to hover around $63.33 per barrel.

Gold Spot US Dollar fell 0.55% to hover around $3,539.73 per ounce. Its last record high stood at $3,578.8 per ounce. The U.S. Dollar Index spot was 0.10% higher at the 98.2360 level.

Asian markets closed higher on Thursday, except Hong Kong's Hang Seng and China’s CSI 300 indices. India’s S&P BSE Sensex, South Korea's Kospi, Australia's ASX 200, and Japan's Nikkei 225 indices rose. European markets were mostly higher in early trade.

Read Next:

• Donald Trump’s Possible ‘Plan B:’ Why Tariffs May Survive Even If Supreme Court Rules Against Them

Photo courtesy: Shutterstock