Tech sell-off continued for a second day on Wednesday, with the Nasdaq Composite and the S&P 500 Index moving lower.
U.S. stock futures traded nearly unchanged early Thursday after the recent lean patch, as investors held steady for clues from Federal Reserve Chair Jerome Powell on the economy and interest rates at his Jackson Hole address on Friday and key earnings this week.
The three-day conference, hosted by the Kansas City Fed, kicks off on Thursday.
Readings on the labor market and the private sector, scheduled for the day, and retail giant Walmart’s (WMT) earnings could also lend direction to the market.
As of 4:20 a.m. ET on Thursday, the Nasdaq 100 futures edged up 0.06%, while the S&P 500 futures were little changed. The Dow and the Russell 2000 futures fell 0.11% and 0.18%, respectively.
Tech sell-off continued for a second day on Wednesday, with the Nasdaq Composite and the S&P 500 Index moving lower, while the Dow Jones Industrial edged up at the close. The S&P 500 Index is now down for four straight sessions.
IT, communication services, and consumer discretionary stocks once again experienced steep losses, offsetting the strength seen in most other S&P sector classes.
The Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, fell 0.59%, dropping for a fifth straight session for the first time this year. The SPDR S&P 500 ETF (SPY) slipped 0.27%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) edged up 0.02%.
The iShares Russell 2000 ETF (IWM) slipped 0.12%.
On the economic front, Atlanta Fed President Raphael Bostic is scheduled to speak at 7:30 a.m. ET.
The Bureau of Labor Statistics will release its customary weekly jobless claims report at 8:30 a.m. ET, with economists, on average, expecting a slight rise in the number of individuals claiming unemployment benefits to 225,000 from 224,000 in the previous reporting week.
S&P is due to release its flash private sector activity data at 9:45 a.m. ET, followed by the Commerce Department’s existing home sales report and the Conference Board’s leading economic index, both at 10 a.m. ET.
Aside from Walmart, Canadian Solar (CSIQ), Hovnanian (HOV), Intuit (INTU), Ross Stores (ROST), Workday (WDAY), and Zoom Communications (ZM) are the other notable companies reporting earnings on Thursday.
Crude oil futures added to their gains early Thursday, but gold futures slipped modestly. The dollar is slightly firmer against most major currencies, except the euro.
The 10-year U.S. Treasury note yield is back above the 4.3% level ahead of the jobless claims report and the Jackson Hole meeting.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<