US Stock Market Today: S&P 500 Futures Fall As Inflation Concerns Resurface

The Morning Bull - US Market Morning Update Thursday, Apr, 2 2026

US stock futures are pointing lower this morning, with contracts linked to the S&P 500 down about 1.1% and the Nasdaq 100 off roughly 1.4%, as investors weigh strong US data against fresh price worries. The ISM Manufacturing PMI for March sits at 52.7, a level that signals factories are growing again, but its prices index has jumped to 78.3, hinting that the cost of raw materials is heating up. At the same time, retail sales rose 0.6% in February and private payrolls grew by 62,000, showing consumers and hiring are still holding up. The key question now is whether this mix of firm growth and rising input costs keeps pressure on interest rate expectations, which would matter most for rate sensitive areas such as housing related plays and richly valued growth sectors including technology and smaller cap stocks.

With rate worries back on the table, stay focused on 65 resilient stocks with low risk scores before volatility picks up.

Top Movers

• Western Digital (WDC) jumped 10.07% after a Bernstein upgrade highlighted an attractive entry following recent weakness.
• Sandisk (SNDK) surged 9.03%, extending gains after setting its Q3 2026 earnings report date.
• Micron Technology (MU) climbed 8.88% following progress on its senior notes tender offers and related balance sheet actions.

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Top Losers

• NIKE (NKE) dropped 15.51% after earnings and multiple analyst downgrades with lower price targets.
• Texas Pacific Land (TPL) declined 7.45%.
• Venture Global (VG) fell 6.85%.

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On The Radar

Global bond markets and US rate expectations are front and center as fresh inflation signals filter through commodities and housing.

• Global Bond Yields: Broad moves in UK, eurozone and Japan yields on Thursday highlight how rate paths abroad intersect with US valuations.
• US Treasuries: The US 10 year yield in a range of around 4.31% to 4.37% on Thursday informs discount rates for growth, housing and small caps.
• Energy and Inflation: A 5.5 million barrel US crude inventory build on Thursday keeps attention on energy costs and input price pressure.
• Housing Sensitivity: US mortgage rates at 6.57% on Thursday tighten conditions for real-estate-exposed names and housing-related consumer spending.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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