U.S. stock futures were little changed on Thursday night.
S&P 500 futures gained 0.05%, and Nasdaq 100 futures added 0.08%. Futures linked to the Dow Jones Industrial Average gained 1 point, or 0.003%.
Several companies reported earnings after Thursday’s trading session. Ride-hailing platform Lyft saw its shares tank 30% in extended trading after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by 2% after its earnings and revenue fell below analysts’ expectations.
During the regular trading session, the 30-stock Dow dropped nearly 250 points. The S&P 500 slid 0.9%, and the Nasdaq Composite had the largest slide, falling 1.02%. Shares of Alphabet contributed to the decline in the Nasdaq, shedding more than 4%.
All major averages are on track to end the week with losses. The S&P 500 is down 1.3% this week, while the Dow is off by 0.6%. The Nasdaq is suffering the most, on pace for a weekly loss of 1.8%.
Dan Greenhaus, Solus Alternative Management’s chief strategist, is mixed on what the latest action will mean for the remainder of 2023.
“Historically, it is really unusual to see the S&P 500 itself this far above the 200-day moving average, this far into a bear market, and have it not be the end,” he said on CNBC’s “Closing Bell: Overtime.”
However, Greenhaus added that the investors have been overlooking the Federal Reserve signaling a continuing path toward tighter monetary policy.
“In general, both the equity and credit markets are discounting something resembling a soft landing, and a return to a normalized rate policy that is increasingly unlikely,” he said.
Investors will seek more detail on the central bank’s policy from Fed Governor Christopher Waller and Philadelphia Fed President Patrick Harker. Both are slated to speak on Friday afternoon, Eastern time.
On the economic data front, the University of Michigan will issue its preliminary consumer sentiment reading for February.
Companies posting their earnings results on Friday include Global Payments and Newell Brands.