U.S. stock futures were swinging between gains and losses on Thursday as the Dow Jones fell after yesterday’s rotation out of tech stocks. Futures of major benchmark indices were mixed.

On Wednesday, the benchmark indices ultimately finished mixed, with the Nasdaq Composite dropping about 351 points as investors shifted focus.

Moving forward, corporate results are the primary driver for markets, with Amazon.com Inc. (NASDAQ:AMZN) taking center stage as it reports after the bell today.

In tandem, market participants will evaluate the latest weekly jobless claims report released this morning for new insights into the durability of the U.S. labor market.

Meanwhile, the 10-year Treasury bond yielded 4.27%, and the two-year bond was at 3.55%. The CME Group's FedWatch tool‘s projections show markets pricing a 90.1% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.

Stocks In Focus

Alphabet

• GOOG maintains a stronger price trend over the short, medium, and long terms, with a solid quality ranking, as per Benzinga's Edge Stock Rankings.

Workday

• Workday Inc. (NASDAQ:WDAY) fell 2.44% after announcing that it will eliminate 2% in its workforce and expects $135 million in restructuring charges.

• Benzinga’s Edge Stock Rankings indicate that WDAY maintains a stronger price trend over the short, medium, and long terms, with a solid growth ranking.

Amazon.com

• Amazon.com Inc. (NASDAQ:AMZN) shares rose 0.11% ahead of its earnings, scheduled to be released after the closing bell. Analysts were expecting earnings of $1.97 per share on revenue of $211.32 billion.

• AMZN maintains a stronger price trend over the short, medium, and long terms with a moderate value ranking, as per Benzinga's Edge Stock Rankings.

Broadcom

• Benzinga’s Edge Stock Rankings indicate that AVGO maintains a strong price trend over the long term but a weak trend on the short and medium term, with a poor value ranking.

Shell

• Shell PLC (NYSE:SHEL) was 2.40% lower after posting adjusted earnings of $3.26 billion for the fourth quarter, missing analyst expectations.

• SHEL maintains a stronger price trend over the short, medium, and long terms, with a poor growth ranking, as per Benzinga's Edge Stock Rankings.

Cues From Last Session

Energy, materials, and real estate sectors led the gains on Wednesday, while information technology and communication services stocks dragged the market lower during an aggressive rotation away from growth.

Insights From Analysts

BlackRock and Jaime Martinez, Financial Market Analyst at PU Prime, are navigating a market environment characterized by a significant shift in Federal Reserve leadership expectations.

BlackRock maintains a “pro-risk” stance, viewing recent market jitters as a “reshuffling of winners, not the AI trade’s end.”

They specifically identify infrastructure as a major beneficiary of mega forces like the AI buildout and the low-carbon transition. BlackRock notes that listed infrastructure currently trades at a nearly 20% discount to its long-term average, presenting a significant opportunity.

Martinez highlights how the nomination of Kevin Warsh as the next Fed Chair has triggered a “sharp repricing” across asset classes. Martinez explains that the previous “dollar debasement trade,” which fueled gold and silver, is being challenged because “Kevin Warsh is widely perceived as more hawkish compared to other potential candidates.”

This shift implies a stronger focus on inflation control and financial stability, potentially reducing the urgency for rate cuts.

Both commentators see the Warsh nomination as a stabilizer for the U.S. dollar. BlackRock suggests his experience will help “mitigate the risk” of global market spillovers. While the economy shows solid growth, BlackRock warns that inflation is becoming “stickier,” which may limit the Fed’s ability to cut rates aggressively in 2026.

Upcoming Economic Data

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

• Initial jobless claims data for the week ending Jan. 31 will be out by 8:30 a.m., and Atlanta Fed President Raphael Bostic will speak at 10:50 a.m. ET.

Commodities, Gold, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 1.44% to hover around $64.20 per barrel.

Gold Spot US Dollar fell 2.21% to hover around $4,854.83 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.26% higher at the 97.8710 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 5.97% lower at $71,557.66 per coin.

Asian markets closed lower on Thursday, except Hong Kong's Hang Seng index. India’s Nifty 50, China’s CSI 300, Australia's ASX 200, Japan's Nikkei 225, and South Korea's Kospi indices fell. European markets were mostly mixed in early trade.

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