U.S. stock futures fell as Wall Street assessed recent earnings results and looked ahead to the Federal Reserve's preferred inflation gauge.
Futures linked to the Dow Jones Industrial Average fell 70 points, while futures for the S&P 500 and Nasdaq 100 fell 0.2% and 0.24%, respectively.
In extended trading, Salesforce fell 4% on weaker-than-expected guidance. Snowflake shares fell 24% after announcing its CEO’s retirement and sharing disappointing product revenue guidance. Okta rose 20% on strong results.
All major indexes were lower in regular trading. The 30-stock Dow Jones Industrial Average lost 0.06% and fell for a third straight session, while the S&P 500 fell 0.17%. The Nasdaq Composite dropped 0.55%.
“Investors have largely backed away from earlier hopes for early rate cuts, and a disappointing PCE report could reinforce longer-term higher concerns about Treasury yields,” said Joe Mazzola, director of trading and education at Charles Schwab.
Thursday’s session wraps up February trading and another positive month for the three major indexes, despite a series of declines that raise questions about the sustainability of the AI-led rally. The Nasdaq led the pack with a gain of 5.2%. The S&P 500 jumped 4.6%, while the Dow Jones rose 2.1%. That would be the Dow’s first four-month winning streak since May 2021.
