Traders work on the trading floor of the New York Stock Exchange (NYSE) as a photo of Vice President Kamala Harris appears on the TV screen on July 22, 2024 in New York City.
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Stock index futures edged higher on Thursday night as major indexes posted weekly losses and investors anticipated the reading of the Federal Reserve’s preferred inflation gauge.
Futures and Dow Jones Industrial Average It was up 65 points, or just over 0.1%. S&P 500 Index Futures and Nasdaq 100 Futures Each rose 0.1%.
In after-hours trading, medical device makers Dexcon Shares plunged 39% after issuing disappointing full-year fiscal guidance. shoe company Dex The company reported first-quarter profit and revenue that exceeded analysts’ expectations, sending its stock price up about 9.8%.
Stocks were expected to fall this week as investors sold off some big tech and artificial intelligence-related stocks on Thursday, exacerbating steep losses in the previous session. The activity appears to be part of a broader shift toward small-cap and more cyclical areas of the market.
this S&P 500 Index and high technical content Nasdaq Index They fell about 0.5% and 0.9% respectively on Thursday. 30 stocks Dow Chemical Bucking the trend, it rose by about 81 points, or only 0.2%.
“Volatility has returned this week as selling pressure from large-cap stocks weighed on the broader market,” LPL Financial technical strategist Adam Turnquist said in a note to clients, adding that overbought conditions also contributed to recent weakness. “Balancing the weakness in these heavyweight stocks poses a challenge to the rest of the market.
The broader market index fell 1.9% for the week, and the Nasdaq fell nearly 3.1%. The Dow is down about 0.9% so far this week.
Traders will focus on readings from the June personal consumption expenditures report at 8:30 a.m. ET on Friday, the inflation reading favored by central bank policymakers. Economists surveyed by Dow Jones said that on a monthly basis, headline PCE is expected to increase between 0.1% and 2.5% from 12 months ago. The final Michigan sentiment survey will be released at 10 a.m.
In terms of profit, Bristol-Myers SquibbColgate-Palmolive and 3M are expected to announce quarterly results.
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