Traders work on the floor of the New York Stock Exchange on June 18, 2024.
Spencer Pratt | Getty Images News | Getty Images
U.S. S&P 500 futures were slightly lower Wednesday night after the index rose for two consecutive days.
S&P 500 futures and Nasdaq 100 futures fell 0.19% and 0.32%, respectively. Dow Jones Industrial Average futures fell 73 points, or 0.18%.
micron The company’s shares fell 5 percent in after-hours trading after it reported better-than-expected third-quarter results but gave fourth-quarter sales guidance in line with expectations. Levi Strauss Shares fell 12% after the jeans maker’s latest quarterly earnings disappointed investors.
Bank stocks were in focus after the Federal Reserve said on Wednesday that large U.S. companies could withstand a severe recession scenario. Goldman Sachs The stock price fell 1.7%. JPMorgan Chase The stock price rose slightly.
In regular trading on Wednesday, the S&P 500 rose 0.2% and the Nasdaq Composite rose 0.5%, while the Dow Jones Industrial Average added 15.64 points, or 0.04%.
Stocks are holding up as Wall Street awaits the latest inflation data on Friday, when the Personal Consumption Expenditures Price Index for May is released. Investors are hoping the report will show easing price pressures and solidify the possibility that the Federal Reserve will cut interest rates later this year.
Despite the weak trading, big technology stocks continued to perform well on Wednesday, recovering from recent declines. Amazon shares hit an all-time high on Wednesday, helping its market capitalization surpass $2 trillion for the first time.
Still, investors are considering whether artificial intelligence deals can continue to support the market later this year, or if the rally needs to extend. Strategists surveyed by CNBC Pro expect the S&P 500 will likely not rise more than 1% from its current level by the end of the year.
“Right now the market is aligned with the Fed,” Brian Levitt, global market strategist at Invesco, said Wednesday on CNBC’s “Closing Bell.” “Maybe what we need is some growing expectation in the market that inflation is really over, that the Fed is going to cut rates and we’re going to have a soft landing.”
Corporate earnings are also released on Thursday, Walgreens Boots Alliance and Nike.
On the economic front, traders will also be keeping an eye on the latest data on weekly jobless claims, durable goods orders and pending home sales.
