Traders reacted after the closing bell rang on the New York Stock Exchange on March 20, 2024.
Brendan McDiarmid | Reuters
Stock futures fell Wednesday night as Wall Street absorbed new earnings reports from mega-cap technology companies.
S&P500 futures decreased by 0.3%, Nasdaq 100 futures It fell 0.5%. futures tied to Dow Jones Industrial Average It decreased by 27 points.
In after-hours activities, meta platform The company fell 3% after it missed the Street’s expectations for user growth and warned of higher capital spending in 2025. Microsoft’s earnings outlook disappointed investors, sending the stock down nearly 4%.
In regular trading on Wednesday, major average stock prices recorded modest declines. of S&P500 Although it decreased by 0.3%, Dow down 0.2%, Nasdaq Composite It fell by nearly 0.6%.
Investors also weighed third-quarter U.S. gross domestic product (GDP) data, with the economy growing at an annualized rate of 2.8%, beating the Dow Jones consensus estimate of 3.1%. It was shown that it was lower.
Another market trigger awaits on Thursday morning: the September personal consumption expenditure price index. This is also the Federal Reserve’s recommended inflation measure. Economists polled by Dow Jones expect PCE to rise 0.2% on a monthly basis, or 2.1% from a year ago.
The PCE data, along with Friday’s October jobs report, will inform interest rate decisions on Nov. 7, when the Fed concludes its two-day policy meeting.
“Higher growth and lower inflation is exactly what people want,” said Jamie Cox, managing director at Harris Financial Group. “As long as disinflation continues, the Fed has no need to fear economic stability and growth to normalize interest rates this cycle.”
Technology-related gains continue on Thursday as tech giants report results. apple and Amazon. Uber, Merck and intel We also plan to report.
In terms of economic indicators, the weekly unemployment claims report will be released Thursday morning.
