Stock futures were flat on Wednesday evening as Wall Street looked to build on a modest rebound with key economic data on deck.
Futures tied to the Dow Jones Industrial Average ticked up just 3 points, or less than 0.1%. S&P 500 futures were little changed, and Nasdaq 100 futures dipped less than 0.1%.
Stocks rallied on Wednesday but did not erase all of the losses from Tuesday’s sell-off, which came on the heels of a hotter-than-expected inflation report. The S&P 500 recaptured the 5,000 level, closing slightly above it. Investors are weighing whether the Federal Reserve can bring down inflation without derailing an economy that keeps surprising to the upside.
“Resilient growth is buoying inflation, which should also put upward pressure on rates. However, strong economic activity is also supporting earnings. And looking forward, the market is trading more on economic growth and earnings projections than interest rates and inflation,” said Dylan Kremer, chief investment officer at Certuity.
Investors will get another update about the state of the U.S. economy on Thursday, with January retail sales and weekly unemployment claims data due out before the opening bell on Wall Street.
Earnings season continues to paint a muddled picture of corporate America. Cisco shares were down 5% in extended trading after the tech company announced layoffs and weak forward sales projections. Tripadvisor jumped 7% after beating estimates on the top and bottom lines.
Fast-food company Shake Shack is scheduled to report earnings before the bell Thursday.
Source Agencies
