(Editor's note: The future prices of benchmark tracking ETFs, the economic data, the lede and the headline were updated in the story.)

U.S. stock futures pared earlier gains to decline on Thursday following Nvidia Corp.'s(NASDAQ:NVDA) first-quarter earnings results released after Wednesday's higher close.

On the economic front, Thursday's data presented a mixed macro picture for investors to digest. Seasonally adjusted initial jobless claims for the week ending May 16 ticked down by 3,000 to 209,000.

However, regional manufacturing abruptly lost momentum, as the Philadelphia Fed's current general activity index for May plunged to -0.4 from April's 26.7.

The housing sector also sent split signals; April housing starts declined by 2.8% to a seasonally adjusted annual rate of 1,465,000, while future construction indicators looked brighter as building permits jumped 5.8% to a rate of 1,442,000.

Not long after Nvidia released its results, SpaceX submitted its S-1 registration statement to the SEC. The filing provided a rare public glimpse into the company's financial health just ahead of its upcoming investor roadshow scheduled for June.

Meanwhile, the 10-year Treasury bond yielded 4.58%, and the two-year bond was at 4.06%. The CME Group's FedWatch tool's projections show markets pricing a 96.8% likelihood of the Federal Reserve leaving the current interest rates unchanged during June's meeting.

The SPDR S&P 500 ETF Trust(NYSE:SPY) and Invesco QQQ Trust ETF(NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, declined in premarket on Thursday. The SPY was down 0.25% at $739.43, while the QQQ was lower by 0.44% to $710.04.

Stocks In Focus

Nvidia

• Nvidia Corp. (NASDAQ:NVDA) rose 0.21% in premarket on Thursday after reporting better-than-expected first-quarter financial results and issuing strong revenue guidance for the second quarter.

• Benzinga's Edge Stock Rankings indicate that NVDA maintains a strong price trend in the long, medium, and short terms, with a poor value score.

Intuit

• Intuit Inc.(NASDAQ:INTU) tumbled 13.53% despite reporting upbeat financial results for the third quarter of fiscal 2026. However, it announced plans to reduce its workforce by 17% to simplify its organizational structure

• Benzinga's Edge Stock Rankings indicate that INTU maintains a weak price trend in the short, long, and medium terms, with a solid growth score.

AT&T

• AT&T Inc.(NYSE:T) was up 0.12% as it committed to invest $19 billion in California through 2030.

• Benzinga's Edge Stock Rankings indicate that T maintains a weak price trend in the long, short, and medium terms.

elf Beauty

• elf Beauty Inc.(NYSE:ELF) jumped 9.03% after reporting quarterly earnings of 32 cents per share, which beat the analyst consensus estimate of 29 cents, and its revenue came in at $449.29 million, which beat the Street estimate of $422.93 million.

• Benzinga's Edge Stock Rankings indicate that ELF maintains a weak price trend in the short, long, and medium terms, with a solid quality rank.

Nebius Group

• Nebius Group NV (NASDAQ:NBIS) rose 6.88% and Bloom Energy Corp. (NYSE:BE) gained 2.39% after the two companies announced a 10-year partnership to deploy Bloom's proprietary solid oxide fuel cells to power Nebius's artificial intelligence infrastructure and data centers.

• Benzinga's Edge Stock Rankings indicate that NBIS maintains a strong price trend in the short, long, and medium terms, with a poor value ranking.

Cues From Last Session

Materials, information technology, and consumer discretionary stocks recorded the biggest gains on Wednesday, driving most S&P 500 sectors higher, though consumer staples and energy stocks bucked the trend to close lower.

Insights From Analysts

BlackRock has upgraded developed market stocks to overweight, driven by "AI-driven earnings momentum strength." Strong corporate earnings expectations, particularly in the technology sector, are keeping them "risk-on" as the AI boom continues to lift U.S. corporate profits.