Traders work on the floor during morning trading at the New York Stock Exchange (NYSE) on March 06, 2024 in New York City.
Spencer Platt | Getty Images
S&P 500 futures were near the flatline Thursday evening as traders anticipated the release of February’s jobs report.
Futures linked to the broad market index slipped by 0.02%, while Dow Jones Industrial Average futures were lower by 6 points, or 0.02%. Nasdaq 100 futures slid by about 0.2%.
In after-hours trading, semiconductor manufacturer Broadcom slipped 3% after issuing full-year revenue guidance that was in line with analysts’ expectations. Costco shares dropped 3% after the retailer posted quarterly revenue that missed the Street’s estimates.
Stocks climbed during Thursday’s regular session, with tech lifting the S&P 500 and the Nasdaq Composite to all-time highs. The broad market index gained 1% and closed at a new record, while the tech-heavy Nasdaq added 1.5%. The 30-stock Dow ticked higher by 0.3%.
Investors are awaiting February’s nonfarm payrolls data out Friday for further insight into the health of the U.S. labor market. Economists polled by Dow Jones anticipate growth of 198,000 and an unemployment rate of 3.7% — signs of a slowing job market, but one that’s still relatively strong.
“Most important in [Friday’s] report is information about wages and if they are climbing too quickly,” said Gina Bolvin, president of Bolvin Wealth Management Group, said on Thursday. “If they are moving up too fast, companies will pass this this cost to the end user, which is inflationary.”
As the week draws to a close, the S&P 500 is toting a gain of 0.4% through Thursday, while the Dow is down by nearly 0.8%. The Nasdaq is off slightly week to date, with a 0.01% decline.
Broadcom, Gap, Costco among stocks making biggest moves in after-hours trading
Check out the companies making headlines after market close:
- Broadcom — The semiconductor stock shed 1.6% after posting full-year revenue guidance that was in line with analysts’ expectations, per LSEG. For the fiscal first quarter, Broadcom exceeded analysts’ adjusted earnings and revenue expectations, however.
- Marvell Technology — Shares dropped 6.5% after Marvell, which supplies data infrastructure semiconductor products, posted light first-quarter revenue guidance. Marvell also reported softer-than-expected guidance for adjusted earnings the first quarter.
- Gap — The apparel retailer’s stock price jumped 3.7% after earnings blew past analysts’ expectations for the latest quarter. Gap posted earnings per share of 49 cents on $4.3 billion in revenue, while analysts had called for earnings of 23 cents per share on $4.22 billion in revenue, according to LSEG.
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— Pia Singh
