Thursday saw a decline in futures linked to the Dow Jones Industrial Average, positioning the 30-stock average for a weaker opening following three days of losses.
Futures on the Dow fell 75 points, or 0.2%. While Nasdaq 100 futures moved 0.2% higher, S&P 500 futures remained unchanged.
Chewy, an online supplier of pet supplies, fell 10% after releasing a subpar net sales estimate for the fourth quarter. GameStop had a roughly 7% decline after disclosing lower net sales during the same quarter last year.
The major averages had a losing session prior to the changes, which may indicate that the late-2023 rise is about to fade. With daily declines of 0.2% and 0.4%, respectively, the Dow and the S&P 500 announced a three-day losing run. A 0.6% decline was also seen in the Nasdaq Composite.
For the Dow and S&P 500, Wednesday was the first three-day losing run since October. Nevertheless, the three main indexes are still expected to close the fourth quarter and the year higher, highlighting the resilience of the earlier rally.
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)
