Stock futures are pointing to a lower open for major U.S. indexes on Thursday as the equities market gives back some of the previous session’s big gains.
Futures tied to the S&P 500 and Nasdaq were down 0.2% and 0.4%, respectively, while those linked to the Dow Jones Industrial Average slipped 0.1%. Stocks surged on Wednesday as shares of technology companies soared, pushing the Nasdaq Composite above 20,000 points for the first time.
Large-cap technology stocks were mostly lower in premarket trading Thursday. Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta (META) were losing ground, while Apple (AAPL) and Tesla (TSLA) were up slightly. Shares of Broadcom (AVGO) were down about 0.5% ahead of the release later today of the chipmaker’s quarterly earnings report.
Adobe (ADBE) shares slid 11% after the software provider issued a disappointing outlook for revenue even as its quarterly results exceeded analysts’ expectations on the top and bottom lines.
Investors will be keeping an eye on a couple of economic data releases this morning as they look for information that could influence the Federal Reserve’s decisions on interest rates. The weekly jobless claims report and wholesale inflation numbers for November are scheduled for 8:30 a.m. ET.
Consumer price data released on Wednesday matched economists’ estimates, strengthening market expectations that the Fed will cut its benchmark lending rate at its policy meeting next week.
The yield on 10-year Treasurys, which is correlated with expectations about where interest rates are headed, was up slightly this morning at 4.30%.
Bitcoin was little changed at around $101,000, while gold futures slid about 0.5% to $2,740 an ounce and crude oil futures were up slightly.
Futures Point to Lower Open for Major Indexes
17 minutes ago
Futures tied to he Dow Jones Industrial Average were down 0.1%.
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S&P 500 futures were off 0.2%.
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Nasdaq 100 futures slid 0.4%.
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