US stock futures edged lower on Thursday, extending losses after a bruising session that dragged the blue-chip Dow and broad benchmark S&P 500 to their lowest levels of 2026, as investors grappled with mounting inflation concerns.

Futures tied to the Dow Jones Industrial Average (YM=F) pulled back roughly 0.3%. Contracts on the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) declined 0.3% and 0.4%, respectively.

Energy markets continue to drive unease amid escalating impacts of the US-Israeli war. Brent (BZ=F) crude surged past $111 a barrel after settlement, while West Texas Intermediate (CL=F) crude briefly climbed back above the $100 mark.

Markets have been rattled by a hotter-than-expected producer price reading and rising inflation forecasts from the Federal Reserve. The shifting outlook has dampened expectations for monetary easing. While the Fed has indicated one rate cut could still be on the table this year, traders are betting policymakers will hold rates as they are — especially after hawkish comments from Fed Chair Jerome Powell.

Looking ahead, traders will focus on fresh economic data, including weekly jobless claims and the Philadelphia Fed Manufacturing Index, due Thursday.

On the corporate front, shares of Micron Technology (MU) fell more than 2% in extended trading, even after the chipmaker posted a sharp jump in quarterly revenue driven by tight memory supply. Alibaba (BABA) and FedEx (FDX) are slated to report earnings before the opening bell on Thursday.

Reuters reports:

The U.S. Securities and Exchange Commission on Wednesday approved a Nasdaq (^IXIC) proposal ‌to allow certain stocks to be traded ‌and settled in tokenized form, according to a regulatory filing, ​marking a step toward integrating blockchain-based settlements into mainstream equity markets.

Exchange operators have been doubling down on their push to capitalize on the boom in ‌tokenization as regulations for ⁠cryptocurrencies ease under the Trump administration.

The move would allow investors to trade high-volume ⁠stocks as traditional shares or as blockchain-based digital tokens to be settled through the Depository Trust Company.

Nasdaq ​had ​filed a proposal with ​the SEC in September ‌to amend its rules to allow listed stocks and exchange-traded products to trade on its main market in either traditional or tokenized form.

Read more here.

Bloomberg reports:

Gold (GC=F) recovered some ground after sliding nearly 4% on Wednesday, with dip-buyers helping the metal to withstand spiking oil prices and inflationary risks from the war in the Middle East.

Bullion rose as much as 0.7%, reversing some losses sustained over six straight days of decline — the longest losing streak since late 2024. The Federal Reserve held interest rates steady at its latest meeting and projected just one cut this year, with Chair Jerome Powell saying a reduction would require progress in slowing inflation. The conflict makes developments for the US economy “uncertain,” Fed officials said in a statement.

Oil advanced on Thursday after Iran and Israel traded strikes on some of the most important energy facilities in the Persian Gulf region. Nearly three weeks into the war, soaring crude and gas prices are raising inflationary risks, which make rate cuts by the Fed and other central banks less likely. This is a headwind for gold, which doesn’t pay interest. A stronger dollar has also weighed on commodities priced in the US currency.

Read more here.