US stock futures fell on Wednesday after the Nasdaq Composite fell sharply during the previous session, while traders awaited the announcement of the Federal Reserve’s policy meeting earlier this month.
Futures related to the Dow Jones Industrial Average fell 125 points, or 0.4%. S & P 500 and Nasdaq 100 futures fell 0.4% and 0.5%, respectively.
Dick’s Sporting Goods’ share price fell more than 17% in pre-market trading after retailers, despite surpassing first-quarter earnings and earnings estimates. Cut down on this year’s outlook In the face of rising inflation and ongoing supply chain challenges.
After Barclays downgraded its stock, Best Buy fell more than 4% in the premarket. Tuesday mixed earnings report Consumer electronics retailers have devalued their annual outlook.
Nordstrom shares soared by more than 9% in extended trading after retailers Exceeded sales forecast Raised the outlook for the whole year. Retailers have experienced a surge in demand from shoppers refreshing their closets for “long-awaited opportunities.”
Homebuilder Toll Brothers also announced quarterly results that exceeded analysts’ expectations, increasing pre-market inventory by more than 3%.
Wednesday’s move came after Nasdaq’s downbeat session, which fell following a slowdown warning from social media company Snap.
High-tech heavy composites fell 2.4% on Tuesday, while S & P 500 fell 0.8%. The Dow rose 0.2% in the all-day reversal, despite falling 1.6% early in the session.
Snap’s warning has affected other social media and tech stocks, including Facebook’s parent Meta, Twitter, and Google’s parent Alphabet.
“It tells us how much technology and communications services we still own, because they’ve been hit hardest, and for good reason. Snaps are for almost everyone. It was a real surprise, “said Stephanie Link Hightower’s chief investment strategist and portfolio manager on Tuesday about CNBC’s Closing Bell.
“I think we’re in a really difficult time. We’ve said that the number of unknowns is so great that it’s an unstable environment all year round,” she continued.
Traders will continue to analyze earnings reports this week to see how companies are dealing with inflationary pressures. Snowflake and Nvidia are set to post quarterly reports after the bell.
On the economic front, investors are waiting for the latest minutes from the Federal Open Market Committee. At a meeting on May 4, the Fed raised inflation by 0.5 percentage points, and Chair Jerome Powell said, “We understand the difficulties it is causing because inflation is too high. We quickly regain inflation. I’m working for it. “
Equity futures fall as investors wait for Fed renewal
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