After the S&P 500 and the Dow Jones Industrial Average saw losses for three straight days, stock futures were trading close to the flat line on Thursday morning.
Futures linked to the Dow’s 30 stocks decreased by 30 points, or 0.09%. Nasdaq 100 futures edged up 0.07%, while S&P 500 futures dropped by 0.03%.
Chewy, an online retailer of pet supplies, saw a decline of almost 11% in after-hours trading following the release of a cautious fourth quarter net sales estimate. Following the release of its net sales data for the previous year, GameStop saw a 6% decline.
The actions come as the main averages saw another losing session, which is another indication that the late-2023 rise might be fading. With losses of 0.2% and 0.4%, respectively, the Dow and the S&P 500 concluded the day lower for the third day in a row. A 0.6% decline was also seen in the Nasdaq Composite. All three of the main indexes are still expected to close the fourth quarter and the year higher.
Head of U.S. equities strategy at RBC Capital Markets Lori Calvasina stated on CNBC’s “Closing Bell: Overtime” that “I think you’re still going to see some choppiness in terms of leadership.”
“The fact that economic growth forecasts are still low is one of the reasons the growth trade has found it so difficult to give up its dominant position,” she continued.
Source (CNBC)
