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Stock futures were little changed Thursday as investors responded to the latest batch of quarterly results and awaited a slew of Federal Reserve speakers.
Futures tied to the Dow Jones Industrial Average dipped 58 points, or 0.2%. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures fell less than 0.1%.
Retailer Bath & Body Works jumped more than 20% after it beat revenue expectations and doubled what was anticipated for per-share earnings. Cisco was up more than 3% after beating both earnings and revenue estimates.
The latest moves followed a down day on Wall Street, the second in three days. The S&P 500 and Nasdaq Composite fell 0.83% and 1.54%, respectively. The Dow Jones Industrial Average lost 39.09 points, or 0.12%.
Downward pressure emerged from weak guidance from Target, which reported a decline in sales as inflation pinches shoppers heading into the holiday season. The Minneapolis-based chain ended 13% lower, while its forward guidance cast doubt on other retailers.
Target followed better-than-expected reports earlier in the week from Home Depot, Lowe’s and Walmart, which beat expectations and said inflation was not hitting them as hard.
“There’s an adjustment process that’s going on,” by companies, said Thomas Martin, senior portfolio manager at GLOBALT Investments. “I’m not saying that’s a reason to take no action in a portfolio, but trying to chase things usually ends up meaning you’re making a bad decision and then another bad decision and another bad decision.”
Investors will also watch tomorrow for weekly jobless claims, the latest reports on on October housing starts and building permits, and manufacturing surveys from the Philadelphia and Kansas City Federal Reserve banks.
Earnings season continues Thursday with additional retailers, including Macy’s and Kohl’s before the bell and Gap after.
Sumber: www.cnbc.com
