Stock futures were slightly higher on Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to be winding down.
Futures contracts tied to the Dow were 23 points higher, or 0.07%. S&P 500 futures rose 0.15%, while Nasdaq 100 futures rose 0.18%.
Investors continued to monitor retail earnings for insights into the health of the consumer, which continued Thursday with reports from Kohl̵[ads1]7;s, Bath & Body Works and BJ’s Wholesale. Kohl’s shares tumbled in premarket trading after the company cut its guidance.
Initial jobless data released Thursday showed claims fell to 250,000 for the week ended Aug. 13.
On Wednesday, the Dow fell about 172 points, or 0.5%. The S&P 500 fell 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, falling 1.25%. The technology-heavy index and the S&P 500 are now both on track to snap a four-week winning streak.
The moves came as traders analyzed minutes from the Federal Reserve’s July meeting. The central bank remains committed to fighting inflation, but indicated it could adjust the pace of tightening based on market conditions.
Investors have been hoping that the Fed can slow the pace of rate hikes after the consumer price index in July showed inflation cooling slightly. But not everyone is convinced.
“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for the Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.” “The reports didn’t change our mind at all. We think a 75 basis point increase is likely in September and we’ll see more gains at the end of the year … we think the market is a little high right here,” added he to.
Some key economic data will also be released on Thursday, including weekly jobless claims and existing home sales.