U.S. stock futures were flat Wednesday night after all three major averages ended higher in the daily trading session.
Dow Jones Industrial Average futures lost 7 points, or 0.02%. S&P 500 and Nasdaq 100 futures rose 0.11% and 0.09%, respectively. Nvidia shares slid more than 2% on the heels of a quarterly report that missed Wall Street expectations. Salesforce went down more than 4% after the company provided a disappointing forecast for fiscal year 2023. Snowflake jumped up 16% after show a rhythm on income.
The Dow Jones Industrial Average gained 59.64 points, or 0.18%, and the S&P 500 rose 0.29% on Wednesday. For the two averages, the gains were cut short by three-day losing streaks. The tech-heavy Nasdaq Composite also rose 0.41%.
The market action comes as investors await the start of the Jackson Hole economic symposium, which begins Thursday with Federal Reserve Chairman Jerome Powell due to speak the following morning. Traders will be tuned for more information on how the central bank will combat high inflation and whether policymakers can cut rates when the current hike cycle is over.
“It’s stable as it goes, it’s way too early for the Fed to be considering a pivot,” Jim Bianco, president of Bianco Research, told CNBC.quick money.”
Investors are also awaiting major economic reports expected later in the week, including Thursday’s jobless claims and Friday’s personal consumption expenditures. The PCE report is one of the Fed’s favorite inflation measures, and it could influence its actions going forward.
Peloton releases quarterly results Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close Thursday.