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US stock futures drifted lower Thursday as investors await the release of more inflation data and quarterly corporate results.

Biggest Premarket US Stock Movers

• Adobe (NASDAQ:ADBE) stock fell over 11% after issuing a disappointing annual sales outlook, indicating that its efforts to incorporate artificial intelligence were taking longer to yield returns.

• Chewy (NYSE:CHWY) stock declined 2.7% after its top stakeholder announced plans to sell $500 million worth of stock.

• Coca-Cola (NYSE:KO) stock rose by 0.9%, and PepsiCo (NASDAQ:PEP) gained 0.7% after Deutsche Bank upgraded its stance on these soft drink giants to 'buy', becoming bullish on the non-alcoholic beverage sector.

• Uber (NYSE:UBER) stock increased by 3.1%, rebounding after a drop of over 5% following General Motors’ announcement to end its Cruise robotaxi partnership.

• Ciena (NYSE:CIEN) stock fell 5.4% after reporting fiscal fourth-quarter adjusted earnings that missed analysts’ expectations.

• Broadcom (NASDAQ:AVGO) stock decreased by 0.9% ahead of its fiscal fourth-quarter earnings, despite having risen 64% this year due to spending on artificial-intelligence data centers.

• Constellation Energy (NASDAQ:CEG) stock rose 2.3% after Bank of America upgraded its rating, labeling its shares as “undervalued.”