2:20pm: Market movers

• Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) shares fell 3.3% despite the company raising its fiscal 2027 AI revenue outlook to $115 billion and projecting $230 billion in AI revenue for fiscal 2028.

• Snowflake Inc (NYSE:SNOW) shares jumped more than 20% after a blowout second-quarter report showed accelerating product revenue growth and strong enterprise adoption of its AI offerings, prompting Bank of America to raise its price target to $470.

• Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) said TotalEnergies has completed its acquisition of a 40% operated interest in Namibia's PEL 83, where Sintana holds an indirect stake in the Mopane discoveries.

• Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) shares climbed more than 4% after the company unveiled its Muse Spark 1.3 AI model, which it said now matches offerings from Anthropic and OpenAI.

• Campbell Soup Company (NYSE:CPB) reported a 37% drop in adjusted fourth-quarter earnings and an 8% decline in revenue while cutting its quarterly dividend by 36% to accelerate debt reduction and strengthen its balance sheet.

• Ocean Power Technologies Inc (NYSE-A:OPTT) is implementing Palantir Foundry to improve visibility across its autonomous maritime systems operations, from manufacturing and supply chain management to fleet deployment, maintenance and customer support.

• Victoria's Secret & Co. (NYSE:VSCO) shares fell more than 12% after its third-quarter profit outlook came in below expectations despite a second-quarter earnings beat and higher full-year guidance.

• ChargePoint shares surged 53% after the EV charging company beat quarterly revenue expectations and reported a smaller-than-expected loss, with revenue rising 18% to $116.1 million.

• Hewlett Packard Enterprise Co (NYSE:HPE, XETRA:2HP) beat fiscal third-quarter expectations and raised its full-year guidance on broad-based demand, record orders and backlog as it prepares for increased spending on agentic AI.

1:15pm: Snowflake's blowout quarter

Snowflake Inc (NYSE:SNOW) ( Snowflake Inc (NYSE:SNOW) ) shares jumped more than 20% on Thursday following a blowout second-quarter earnings report, driven by accelerating product revenue growth and surging enterprise adoption of its AI offerings.

Bank of America raised its price objective on the stock to $470 from $395, citing accelerating product revenue growth and reiterating a Buy rating.

BofA said newer customer cohorts are ramping toward purchased capacity faster than prior cohorts, with recent cohorts reaching 80% of purchased consumption materially sooner.

The bank pointed to faster deployments, AI-enabled migrations, and growing adoption of Snowflake's CoCo and CoWork offerings as drivers of the stronger trends.

11:30am: Dovish Fed tone supports stocks,

A more dovish tone from Federal Reserve officials is helping keep equities and gold supported while putting further pressure on the US dollar, according to Chris Beauchamp, chief market analyst at IG.

Beauchamp said Fed Governor Christopher Waller was the latest policymaker to strike a relatively dovish tone, following recent comments from Fed Chair Kevin Warsh. Waller indicated that he could support keeping interest rates unchanged this month if upcoming inflation data confirms that price pressures are easing, helping lift stocks while Treasury yields and the dollar moved lower.

"If the idea is to keep investors guessing, then the Fed is succeeding, but so far the data appears to lean towards the dovish argument. But as was the case 24 hours ago, everything rides on tomorrow's payrolls and then next Friday's inflation readings," Beauchamp commented. "Equities aren't out of the woods yet."

10:00am: AI optimism returns

Wall Street is starting the session on firmer footing, with all three major indexes moving higher as investors weigh Middle East tensions against a fresh batch of economic and corporate signals.

The Dow Jones Industrial Average was up 0.7% at 53,445, while the S&P 500 gained 0.5% to 7,708 and the Nasdaq Composite climbed 0.7% to 26,402. Falling Treasury yields are also helping sentiment, while strong corporate earnings and renewed optimism around artificial intelligence have given stocks some support after a shaky start to the week.

The latest economic data offered a mixed picture. The August ISM services PMI came in at 55.4, comfortably above the 54.1 estimate, with new orders jumping to 60.9 from expectations of 56. However, the employment component slipped to 47.8, while prices paid rose to 72.6, suggesting that inflation pressures remain a concern.

Meanwhile, the US trade deficit widened 24.4% month over month to $88.6 billion in July, its largest gap since early 2025, as imports increased 2.8% while exports fell 2.1%.

There was also a dovish note from Fed Governor Chris Waller, who said he would support keeping interest rates at 3.50%-3.75% this month if upcoming inflation data continues to show progress toward the Fed's 2% target. Still, Waller warned that a renewed deterioration in inflation could warrant a rate hike.

On the corporate side, Robinhood is surging after Morgan Stanley (NYSE:MS) upgraded the stock to Overweight with a $150 price target, while Scotiabank (TSX:BNS) and Piper Sandler also raised their targets.

Victoria's Secret is heading in the opposite direction, falling 13.7% after its earnings beat was offset by a small revenue miss and lighter third-quarter operating income guidance.

Ahead of the bell

US stock futures are pointing to a relatively quiet open Thursday as investors look for some stability after a rough start to September and Wall Street snapped its recent losing streak.

Futures on the Dow Jones Industrial Average were up around 0.2%, while S&P 500 futures were little changed. Nasdaq-100 futures edged slightly lower, suggesting technology stocks could open on a softer note.

Broadcom will be in focus after its shares trimmed some of their after-hours losses. The stock initially tumbled as much as 4% following its latest results, keeping the spotlight on the semiconductor and AI trade.

Snowflake, meanwhile, is providing a brighter spot for the tech sector, with shares surging after the company reported earnings that benefited from strong demand for artificial intelligence.

There will be more earnings to digest after the close, with DocuSign, Zscaler and Lululemon set to report.

The economic calendar could also keep investors busy. Weekly jobless claims are due at 8:30 am ET, followed by the Institute for Supply Management's August services PMI. Federal Reserve Governor Christopher Waller is also scheduled to speak this morning, with markets watching closely for clues about whether he thinks the central bank should raise interest rates this month.

Bond markets are offering stocks some relief, with Treasury yields easing Thursday after the 10-year yield climbed to a multi-year high on Wednesday.

Still, the pressure has not disappeared. As Kathleen Brooks, research director at XTB, noted, inflation concerns have not gone away and another bond sell-off remains possible. "10-year US Treasury yields are still higher by 13bps this week," Brooks said. "However, after a rough start to September, it could be time to take a breather."