U.S. stock futures little changed as Deere surges and Wolfspeed plunges 15%

U.S. stock futures were little changed Thursday as investors assessed a mixed earnings slate. Dow futures fell 94 points, or 0.2%, while S&P 500 futures slipped 5 points, or 0.1%; Nasdaq 100 futures rose 20 points, or 0.1%, as a recent rally in government bonds lost momentum. Deere & Company surged nearly 9% after reporting fiscal third-quarter earnings of $5.10 per share on $11 billion in revenue, beating LSEG estimates of $4.70 and $10.73 billion. Net income attributable to Deere rose to $1.379 billion from $1.289 billion a year earlier, and the company raised the lower end of its full-year net income guidance to $4.75 billion to $5 billion, compared with a FactSet estimate of $4.88 billion. Wolfspeed plunged 15% after reporting an adjusted fiscal fourth-quarter loss of $2.26 per share, compared with expectations for a $0.52 loss. Revenue fell about 24% year over year to $149.6 million, below the $150 million FactSet estimate and roughly 33% below the $223.55 million projected by some analysts; TD Cowen reiterated its Hold rating. Moderna fell 25% after gaining 177% Wednesday on late-stage skin cancer vaccine results, with investors apparently taking profits. Advance Auto Parts dropped 25% after revenue and same-store sales missed estimates despite adjusted earnings of $1.03 per share, while Walmart fell 9% after weaker-than-expected same-store sales growth and below-consensus earnings guidance. CrowdStrike declined 4% following reports that chief technology officer Elia Zaitsev is leaving to launch an AI-focused cyber venture fund called Cognition. Webull gained more than 4% after reporting adjusted operating income of $62.6 million and revenue of $198.8 million, both above estimates, while trading-related revenue rose 66% year over year to $147.7 million. Etsy rose 3.9% in premarket trading after BofA Securities upgraded the shares to Buy and lifted its price target to $105 from $88. Ultragenyx advanced 11.1% after the U.S. Food and Drug Administration granted accelerated approval to GENGLYCOS, also known as DTX401, a gene therapy (treatment that modifies genetic material) for glycogen storage disease type Ia in patients aged eight and older. Crypto-related stocks rose alongside bitcoin and ether after President Donald Trump's push for Congress to pass crypto-friendly legislation. Coinbase, Strategy and Circle Internet each gained about 8%, while Mara Holdings rose 12% and American Bitcoin added 7%. Transocean gained 2% after signing a $300 million, two-year ultra-deepwater drillship contract with ONGC of India, with options extending through 2031. Nordson rose about 7% after raising its full-year adjusted earnings forecast to $11.80-$12 per share from $11.30-$11.80, above the FactSet consensus of $11.60. Coty fell 9% after reporting a larger-than-expected quarterly loss and describing fiscal 2027 as a transition year. NetEase's U.S.-listed shares lost 5% after the Chinese technology company's quarterly earnings missed estimates. The session underscored sharply divergent earnings narratives across industries.

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