Alphabet stock ( GOOG) ( GOOGL) rose 5.6% in premarket action following an earnings report that easily beat expectations, led by broad gains, particularly in its Services and Cloud units.

U.S. stock futures point to a lower open, a day after stocks rallied on hopes of a thaw in the U.S.-China trade war and that Fed Chairman Jerome Powell will get to keep his job.

U.S. stock index futures edged lower on Thursday as investors assessed the latest changes in the Trump administration's erratic trade policy and a bevy of mixed corporate results. Wall Street jumped for a second consecutive session on Wednesday on signs the White House was open to reducing sweeping tariffs on China,