Stock futures are flat on Wednesday evening
Traders are seen on the New York Stock Exchange floor during morning trading, which takes place in New York City on June 8, 2022.
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Overnight trading in stock futures was flat Wednesday, after major averages finished the regular session lower than expected and U.S. Treasury Yields rose.
The Dow Jones Industrial Average futures rose about 10 points, or 0.03 percent. S&P 500 futures and Nasdaq 100 futures were flat.
Five Below shares dropped over 6% during extended trading following softening first quarter sales. Five Below also shared weak guidance for this period.
During regular trading, the Dow Jones Industrial Average dipped 269.24 points, or 0.81%, to 32,910.90, while the S&P 500 shed 1.08% to close at 4,115.77. The Nasdaq Composite fell 0.73% to close at 12,086.27.
Investors continued looking for signs of slower economic growth on Wednesday ahead of Friday’s May consumer price index reading. It is possible that the data will be lower than those from April and indicate an inflation peak.
The bond market was not optimistic as the 10-year Treasury yield soared above 3%. U.S. West Texas Intermediate crude oil gained 2.26% and settled at $122.11 per barrel.
Ten of the 11 S&P sectors ended the day in the negative, dragged down by real estate. Energy closed its day at the highest level since 2014.
After warnings of a weakening semiconductor demand, Intel shares plunged more than 5% during regular trading on Wednesday. Chinese technology stocks rose with JD.com adding almost 8%, helping to reduce the Nasdaq’s losses. Campbell Soup saw an increase of 1.5% following a solid quarterly earnings report.
Fundstrat’s Tom Lee spoke to CNBC’sClosing Bell: OvertimeOn Wednesday, the Federal Reserve raised the possibility of a soft landing and stock prices have risen to “almost” a recession.
He stated that he believes there will be a number of hikes, but the Fed’s more optimistic outlook than expected alarms markets.
For Thursday, there will be initial jobless claims as well as earnings reports from DocuSign (Nio), Rent the Runway and DocuSign.