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Investing.com– U.S. stock index futures retreated Thursday, amid uncertainty over an upcoming crucial inflation reading and as investors digested the latest corporate results.
By 06:30 ET (11:30 GMT), the Dow Jones Futures contract was down 125 points, or 0.3%, S&P 500 Futures traded 9 points, or 0.2%, lower and Nasdaq 100 Futures dropped 25 points, or 0.1%.
Wall Street indexes closed lower on Wednesday, with tech stocks leading losses as investors locked-in profits after record highs last week, but the averages are still on course to record positive months.
The NASDAQ Composite is on course to post a gain of over 5% this month, the S&P 500 has jumped 4.6%, while the Dow Jones Industrial Average has added 2.1%. This would mark the DJIA’s first four-month winning streak since May 2021.
PCE data in focus as Fed officials flag sticky inflation
Still, despite the likely weekly gains, investors remained largely fearful that sticky inflation will see the Fed keep interest rates at elevated levels for longer than seemed the case at the start of the year.
A number of Fed officials have cautioned against expecting rates to fall soon, with New York Federal Reserve President John Williams echoing this notion on Wednesday.
“While the economy has come a long way toward achieving better balance and reaching our 2% inflation goal, we are not there yet,” Williams said, adding, “I am committed to fully restoring price stability in the context of a strong economy and labor market.”
With this in mind, markets were now warily awaiting the release of PCE price index data – the Fed’s preferred inflation gauge – due later in the session for more cues on the path of inflation and interest rates.
The reading, which is for January, comes after a hotter-than-expected consumer inflation reading for the same month, while a second reading on fourth quarter GDP data showed that the U.S. economy was also running relatively hot, keeping the outlook for inflation high in the coming months.
Earnings continue to emerge
The quarterly earnings season may be drawing to a close, but there are still companies reporting.
Results from the likes of Best Buy (NYSE:BBY), Hewlett Packard Enterprise (NYSE:HPE) and Bath & Body Works (NYSE:BBWI), are scheduled for Thursday.
Additionally, Snowflake (NYSE:SNOW) slid over 20% premarket after the cloud data analytics company forecast first-quarter product revenue below Wall Street estimates, amid persistent competition in the cloud computing sector.
HP (NYSE:HPQ) fell 3% after its quarterly revenue missed estimates, while Salesforce (NYSE:CRM) dropped 2% after disappointing annual revenue guidance.
Okta (NASDAQ:OKTA) stock soared 26% after the digital security company reported strong guidance for the current quarter following fourth-quarter results that topped Wall Street estimates.
Crude retreats after U.S. inventories build
Oil prices edged lower Thursday, adding to the previous session’s losses as a sharp build in U.S. crude stocks reinforced concerns about demand in the world’s largest economy.
By 06:30 ET, the U.S. crude futures traded 0.4% lower at $78.23 a barrel, while the Brent contract dropped 0.5% to $81.72 per barrel.
Crude inventories rose for the fifth consecutive week, increasing by 4.2 million barrels to 447.2 million barrels in the week ended Feb. 23, official data from the Energy Information Administration showed on Wednesday, heightening investors’ worries over a slow economy and reduced oil demand in the largest consumer in the world.
Traders will be keeping an eye on the U.S. inflation data for clues about future economic activity, as well as events in the Middle East and the possible extension of voluntary oil output cuts from the producer group, the Organization of Petroleum Exporting Countries and its allies.
(Ambar Warrick contributed to this article.)
Source: Investing.com
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