INTC - Nasdaq S&P Futures Slip After Walmart Cisco Earnings; Spotlight Shifts To Data Fed Speeches | Benzinga
Trading in stock futures point to a lower start on Thursday after the broader market closed at a two-month high in the previous session despite the slowdown in momentum. Some tech earnings disappointments will likely pressure stocks belonging to the sector. Walmart, Inc. (NYSE:WMT) shares slipped following its quarterly results, apparently in reaction to some cautious management commentary.
On the Main Street front, traders may closely monitor the jobless claims data, the results of two separate housing markets and manufacturing sectors, and a slew of Fed speakers. Bond yields are easing after Wednesday’s modest gain.
Cues From Wednesday's Trading:
The major averages closed Wednesday’s session modestly higher, although well off the session’s highs. The producer price inflation report confirmed the slowdown in inflation, with the headline inflation declining 0.5%, the biggest drop since April 2020. Meanwhile, retail sales edged down 0.1% month-over-month, underlining the soft patch seen in the economy.
The Nasdaq Composite and the S&P 500 indices opened higher and but surrendered their gains and fell below the flat line by the mid-session. The averages bounced back in the afternoon before ending higher. While the Nasdaq closed at a 3-1/2 month high, the broader S&P 500 ended at a two-month high.
The Dow Industrials hovered in positive territory throughout the session and advanced for a fourth straight session. Twenty-two of the 30 Dow components advanced, with Intel Corp. (NASDAQ:INTC) and Disney, Inc. (NYSE:DIS) leading the charge with over 3% each gain. The blue-chip average ended at the highest level since mid-August.
Among the S&P sector indices, IT services advanced notably, while communication services, consumer staples, and financial and material stocks also found buying interest. On the other hand, utility and energy stocks came under selling pressure.
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