• S&P 500 futures slip 0.5% as AI-related stocks face renewed pressure.
  • Defense tech firm Marlin (MRLN) surges 29% after successful C-130J autonomy program review.
  • Apparel maker G-III raises full-year guidance, while Lululemon slides on weak North America outlook.

US stock futures pointed to a cautious open on Thursday, with the S&P 500 Index falling 0.5% at 7:51 a.m. in New York, as the AI trade continued to weaken. The tech-heavy Nasdaq 100 futures dropped 1.1%, while the Dow Jones Industrial Average futures inched up 0.2%. The MSCI World Index was little changed.

Among the Magnificent Seven, Nvidia (NVDA) led declines, down 1.3%. Microsoft (MSFT) rose 0.4%, while Tesla (TSLA) and Apple (AAPL) were near flat. Alphabet (GOOGL) and Amazon (AMZN) edged lower by 0.4% and 0.2%, respectively, and Meta slipped 0.2%.

Winners in premarket

Defense tech company Marlin (MRLN) soared 29% after the company announced a successful critical design review for its C-130J autonomy program with the US Special Operations Command. Software firm Titan (TTAN) (TTAN) jumped 15% after reporting a strong first-quarter revenue beat. Power-plant builder AGX (AGX) (AGX) rallied 11% on top-line results that exceeded analyst expectations.

Apparel group G-III (GIII) gained 8% after raising its full-year EPS guidance. Lens maker COO (COO) rose 6% after second-quarter sales and profit topped estimates. Chipotle (CMG) climbed 2% following a JPMorgan upgrade to overweight, with analysts citing a rare valuation opportunity. “We see an attractive entry point given the company’s strong fundamentals and recent pullback,” a JPMorgan analyst said, declining to be named.

Losers in premarket

On the downside, software company Guidewire (GWRE) tumbled 12% after its fourth-quarter subscription revenue guidance missed estimates. Lululemon (LULU) slid 10% after lowering its annual forecast due to weakness in North America. “We are seeing a more cautious consumer in our core markets,” CEO Calvin McDonald said in a statement. The company expects the trend to persist for the rest of the fiscal year.

DocuSign (DOCU) fell 4% after issuing an in-line Q2 revenue outlook, as investors await progress on its AI-powered contract platform. Samsara (IOT) slipped 2% after reporting first-quarter results, with revenue growth slowing.

Broader market context

Overall sentiment remains cautious, with AI-related stocks under pressure. The rotation out of AI heavyweights into defense, software, and select consumer names reflects a shift in risk appetite. Investors are closely watching upcoming economic data and corporate earnings for signs of sustained demand.

Correction: An earlier version of this article misstated the ticker for the power-plant builder. It is AGX, not AXG.