S&P Losing Streak in Danger of Lengthening
Stock futures fell slightly on Thursday following a four-day losing streak for the S&P 500 as tech names dragged the broader market lower and traders weighed earnings from retail giant Walmart.
Futures for the Dow Jones Industrials collapsed 142 points, or 0.3%, to 44,853.
Futures for the broader index slipped 13.25 points, or 0.2%, to 6,399.75
Futures for the NASDAQ dipped 37.25 points, or 0.2%, to 23,286.75.
Walmart reported revenue that beat Wall Street estimates as the retailer also raised its full-year earnings and sales outlooks. However, shares dipped more than 1% in premarket trading.
The S&P 500 is down 0.8% this week, while the NASDAQ has lost about 2.1%. The 30-stock Dow is roughly flat week to date.
Investors are looking to hear from Federal Reserve Chair Jerome Powell on Friday at the central bank’s annual economic symposium in Jackson Hole, Wyo., where he could offer insights into the path of interest rates. Fed funds futures are pricing in a nearly 80% likelihood of the central bank cutting interest rates at its next policy gathering in September.
Minutes from Fed’s July meeting showed policymakers are worried about the state of the labor market and inflation, though most agreed that it was too soon to lower interest rates. Fed governors Christopher Waller and Michelle Bowman dissented against holding rates steady, marking the first time two board members have done so since 1993.
In Japan, the Nikkei 225 fell 0.7% Thursday, while in Hong Kong, the Hang Seng sank 0.2%.
Oil prices added 32 cents to $63.03 U.S. a barrel.
Gold prices moved backward $12.70 at $3,375.70 U.S. per ounce.
