Stock Market Today: S&P 500, Dow Jones Futures Decline — AZZ, Northrop Grumman, Immuneering In Focus - SPDR S&P 500 (ARCA:SPY)

Market Overview - U.S. stock futures declined on Thursday after a mixed close on Tuesday, with only the Nasdaq 100 index ending in positive territory [1] - The Dow Jones futures fell by 0.29%, S&P 500 by 0.23%, Nasdaq 100 by 0.30%, and Russell 2000 by 0.45% [2] - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.47% [2] - The CME Group's FedWatch tool indicates an 88.4% likelihood of the Federal Reserve maintaining current interest rates in January [2] Stocks in Focus - AZZ Inc. (NYSE:AZZ) shares rose by 2.8% in premarket trading after reporting strong third-quarter earnings [6] - Immuneering Corp. (NASDAQ:IMRX) shares fell by 22.93% following the announcement of updated survival and safety data from its Phase 2a trial for pancreatic cancer [6] - Northrop Grumman Corp. (NYSE:NOC) shares increased by 6.84% after President Trump proposed raising the 2027 military budget from $1 trillion to $1.5 trillion [6] - Phathom Pharmaceuticals Inc. (NASDAQ:PHAT) shares dropped by 14.22% after announcing a $130 million public offering [14] - Constellation Brands Inc. (NYSE:STZ) shares rose by 2.32% after reporting better-than-expected third-quarter earnings [14] Economic Insights - Economist Paul Krugman warns that the Trump administration's economic policies may pose risks to the broader economy and stock market, suggesting that the market is pricing in unrealistic revenue streams [10][11] - Krugman highlights the potential disconnect between market exuberance and economic fundamentals, predicting a painful correction as the "oil fantasy" dissipates [12]