Traders work on the trading floor of the New York Stock Exchange on June 18, 2024.
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U.S. S&P 500 futures edged lower on Wednesday night, after the S&P 500 rose for a second straight day.
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 share down 5% The extended trading came after the chipmaker issued fourth-quarter revenue guidance that was in line with expectations, even as the company beat estimates in the third quarter. Levi Strauss The jeans maker’s latest quarterly revenue disappointed investors, sending its shares down 12%.
Bank stocks were in focus after the Federal Reserve said on Wednesday that the largest U.S. companies could withstand a severe recession. Goldman Sachs Shares fell 1.7%, while JPMorgan The stock price rose slightly.
In regular trading on Wednesday, the S&P 500 closed up 0.2% and the Nasdaq rose 0.5%. Meanwhile, the Dow Jones Industrial Average rose 15.64 points, or 0.04%.
Stocks were holding steady as Wall Street awaited Friday’s latest inflation data and May personal consumption expenditures price index. Investors hope the report will show an easing of pricing pressures, increasing the likelihood that the Federal Reserve will cut interest rates later this year.
Big tech stocks continued to outperform the broader market on Wednesday despite lackluster trading activity, rebounding from recent declines. On Wednesday, Amazon’s stock price hit a record high, and its market value exceeded $2 trillion for the first time.
Still, investors are considering whether the artificial intelligence industry can sustain the market in the second half of this year, or whether the rally needs to extend. Strategists surveyed by CNBC Pro predict the S&P 500 may end the year no higher than 1% from current levels.
“Right now, we’re in an environment where the market is aligned with the Fed,” Brian Levitt, global market strategist at Invesco, said Wednesday on CNBC’s “Closing Bell.” “What you probably need is to get into this The market has greater expectations that the inflation story is indeed behind us, that the Fed can lower interest rates and a soft landing can occur.”
The company’s financial reports will continue to be released on Thursday Walgreens Boots Alliance and Nike.
On the economic front, traders will also be watching latest reading Weekly jobless claims, durable goods orders and pending home sales.
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