U.S. stock futures were little changed Thursday evening after a choppy trading session as traders weighed Federal Reserve Chairman Jerome Powell’s latest comments on inflation.
Dow Jones Industrial Average futures rose 30 points, or 0.09%. S&P 500 and Nasdaq 100 futures rose 0.1% and 0.15%, respectively.
Shares of DocuSign rose more than 17% in extended trading after the electronic contracts company reported earnings. The company also released a revenue forecast for the third quarter that was above expectations.
The Dow Jones Industrial Average jumped 193 points, or 0.61%, in the regular session on Thursday — closing higher after trading gains and losses throughout the day. The S&P 500 rose 0.66 percent, and the Nasdaq Composite rose 0.60 percent.
These gains put all three major averages on pace to snap a 3-week losing streak. Through Thursday, the Dow is up 1.45%. Meanwhile, the S&P 500 is up 2.09%, and the Nasdaq Composite is 1.99% higher.
Still, stocks remain under pressure as expectations for a 0.75 percentage point rate hike this month grew on Wall Street, after the Fed chief again said he is “strongly committed” to bringing down inflation.
“I think people are grossly underestimating what the Fed has to do to fight inflation,” Richard Bernstein Advisors CEO Richard Bernstein said Thursday on CNBC’s “Closing Bell: Overtime.”
“It’s incredibly ironic that investors are even considering a Fed pivot when the real Fed Funds rate remains about as negative as it’s been historically. So the Fed isn’t even really heartily fighting inflation yet. We don’t have a positive real Fed funds rate. It’s hard to argue that we should get wildly bullish anytime soon,” he added.