5 things to know before the market opens Thursday

Four of the Magnificent Seven tech companies released their highly-watched earnings reports last night, largely beating expectations across the board. Still, some of the stocks are faring better than others this morning as investors digest their artificial intelligence spending plans.

Here’s the rundown:

Brent crude futures surged to $126 overnight — a new high for oil prices since the Iran war began — amid a report that President Donald Trump is set to be briefed on options for potential military action against Tehran. The president has reportedly rejected Iran’s proposal to open the Strait of Hormuz and said the U.S.’ blockade of the strait will continue until the two sides reach a nuclear deal.

Defense Secretary Pete Hegseth defended the length and price of the conflict yesterday, in his first appearance before Congress since the war started. Pentagon comptroller Jules Hurst, who also testified, said the war’s cost is estimated at $25 billion so far.

Ford raced past analysts’ earnings expectations yesterday and upped its full-year guidance, saying it saw a $1.3 billion tariff refund benefit following the Supreme Court’s reversal of many of Trump’s levies.

As CNBC’s Michael Wayland notes, the Detroit-based carmaker reported significantly better earnings than it did in the same quarter a year prior, despite a 4% decline in wholesale units since then. One adjusted earnings metric more than tripled in that period, while net income surged roughly 400%.

Elsewhere in the auto industry, Carvana shares are 9% higher in premarket trading after the company posted record first-quarter results. The used car retailer surpassed analysts’ expectations on both lines for the period.

Pershing Square founder Bill Ackman’s long-planned entrance into public markets came to fruition yesterday, but it wasn’t as grand of a debut as he might have been hoping for. Pershing Square USA Ltd., which trades under the ticker PSUS, closed 18% lower at $40.90 — well below its IPO price of $50.

Ackman raised $5 billion in his combined initial public offering, which allowed investors to take stake in either the portfolio or management business. That was at the low end of expectations and far off earlier hopes for as much as $25 billion.

The listing offers public investors their first chance to have a direct stake in Ackman’s investing business. Ackman told CNBC yesterday that he planned to hold investors days and an annual meeting similar to those held by Berkshire Hathaway.