U.S. stock futures showed minimal movement on Thursday night after major indices declined due to a disappointing earnings forecast from retail giant Walmart. Dow Jones Industrial Average futures inched up by 8 points, or less than 0.1%. S&P 500 futures hovered near the flatline, while Nasdaq-100 futures gained less than 0.1%. During Thursday’s regular trading session, the Dow dropped 450.94 points, or 1.01%. The S&P 500 fell 0.43%, retreating from its recent record highs, and the Nasdaq Composite declined 0.47%. Investors cited multiple factors contributing to the market’s downturn, including Walmart’s 6.5% drop, ongoing inflation concerns, and falling shares of Palantir.
However, Art Hogan, chief market strategist at B. Riley Wealth Management, suggested that Thursday’s market fears may have been somewhat exaggerated. He noted that Friday’s economic data releases, including the latest purchasing managers’ index readings and January’s existing home sales, could guide equities toward a clearer direction by the week’s end. “There’s a chance that enough overall selling pressure might attract bargain hunters on Friday, attempting to recover some of Thursday’s losses,” Hogan told CNBC in an interview. “Investors will likely determine tomorrow if they believe Thursday’s moves were overdone, especially if the PMIs and existing home sales data align with expectations.” Hogan added, “I don’t think there will be any economic data significant enough to disrupt the market further.”
On a week-to-date basis, the S&P 500 is on track for a modest gain of less than 0.1%, while the Nasdaq Composite is down 0.3%. The Dow is lagging, heading for a 0.8% loss during the same period. — news from CNBC