US stock futures rise after Dow, S&P 500 break three-day slide
U.S. stock futures were higher on Thursday morning after all three major averages finished higher during the daily trading session.
Dow Jones Industrial Average futures gained 220 points, or 0.67%. S&P 500 and Nasdaq 100 futures rose 0.88% and 0.97% respectively. Shares in Nvidia fell more than 2% on the heels of a quarterly report that missed Wall Street expectations. Salesforce fell more than 4% after the company gave a disappointing forecast for fiscal 2023. Snowflake jumped 1[ads1]6% after posting a beat on earnings.
The Dow Jones Industrial Average rose 59.64 points, or 0.18%, and the S&P 500 rose 0.29% on Wednesday. For both averages, gains snapped three-day losing streaks. The technology-heavy Nasdaq Composite also rose 0.41%.
The market action comes as investors await the start of the Jackson Hole Economic Symposium, which begins Thursday with Federal Reserve Chairman Jerome Powell scheduled to speak the following morning. Traders will be listening for more information on how the central bank will combat high inflation and whether policymakers may cut interest rates once the current hike cycle ends.
“It’s steady as it goes, it’s way too early for the Fed to consider a pivot,” Jim Bianco, president of Bianco Research, said on CNBC’s “Fast Money.”
Investors are also awaiting key economic reports scheduled for later in the week, including jobless claims on Thursday and personal consumption expenditures on Friday. The PCE report is one of the Fed’s favorite inflation measures, and it could influence actions going forward.
Peloton reports quarterly results Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close on Thursday.
