Traders reacted after the New York Stock Exchange closed on March 20, 2024.
Brendan McDermid | Reuters
Stock index futures fell late Wednesday as Wall Street absorbed a fresh batch of earnings reports from major technology companies.
S&P 500 Index Futures fell 0.3%, and Nasdaq 100 Futures It fell about 0.5%. Futures and Dow Jones Industrial Average It fell 41 points, or 0.1%.
In the after-hours action, meta platform Microsoft shares fell 3% after missing Wall Street expectations for user growth and warning of increased capital expenditures in 2025.
Major stock indexes were slightly lower in regular trading Wednesday. this S&P 500 Index fell by 0.3%, while Dow Chemical down 0.2%, Nasdaq Index It fell nearly 0.6%.
Investors also weighed U.S. third-quarter gross domestic product data, which showed the economy grew at an annualized rate of 2.8%, below the Dow Jones consensus forecast of 3.1%.
There’s another market catalyst waiting in the wings Thursday morning: the September personal consumption expenditures price index. This also happens to be the Fed’s preferred inflation measure. Economists surveyed by Dow Jones expected personal consumption expenditures to grow 0.2% monthly and 2.1% annually.
The PCE data and Friday’s October non-farm payrolls report will provide information for the Federal Reserve’s interest rate decision when it concludes its two-day policy meeting on November 7.
“Economic growth and falling inflation are exactly what you want to see,” said Jamie Cox, managing director of Harris Financial Group. “As long as deflation persists, the Fed does not need to worry about economic stability and growth.” To normalize interest rates this cycle.”
Technology financial reports will continue to be released on Thursday, and major technology companies will announce their results. apple and Amazon. Uber, Merck and Intel Reports will also be made.
On the economic data front, the weekly jobless claims report will be released on Thursday morning.
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