Snowflake Shares Surge 37% on Strong Earnings, $6B AWS Deal

Stock futures are lower Thursday morning after the major averages posted gains the previous session, as crude oil prices surge following reports that Iran targeted an American air base in retaliation for new U.S. strikes on Tehran. Secretary of State Marco Rubio stated the administration wants to give diplomacy a chance to succeed but warned that alternative options remain on the table if peace talks fail. Yesterday's oil price drop of more than 5% helped propel the Dow Jones Industrial Average to a record-high close, and April's personal consumption expenditure index data released Thursday will provide further insight into how geopolitical tensions are affecting inflation. In corporate news, Snowflake shares soared more than 37% in extended trading after the cloud data company reported stronger-than-expected first-quarter results and announced a $6 billion spending commitment to Amazon Web Services, including the purchase of Amazon's custom AI chips. The company is also acquiring AI startup Natoma. Meanwhile, JPMorgan Chase CEO Jamie Dimon indicated the bank could spend up to $20 billion on acquisitions over the next couple of years, describing the bank as being "on the lookout" for opportunities in what would be the largest deal of his two-decade tenure. Additionally, Robinhood unveiled new tools allowing AI agents to trade stocks and execute purchases, representing one of the first attempts to put AI financial tools in the hands of regular investors rather than institutions. In other developments, Lamborghini CEO Stephan Winkelmann expressed confidence in his company's decision to cancel all-electric vehicles in favor of hybrids after Ferrari faced backlash for unveiling its first fully electric model. Ferrari's stock sold off earlier this week following the announcement. Separately, Boeing CEO Kelly Ortberg confirmed the plane maker has met Federal Aviation Administration requirements to increase monthly production of its 737 Max aircraft from the current rate of 42 jets per month to an approved rate of 47, with a goal of reaching 63.