NVEI:CC - Stock Futures Slide
Stock futures turned lower Wednesday after the major averages this week built on their strong rally to end 2023.
Futures for the Dow Jones Industrials faltered 64 points, or 0.2%, to 37,867.
Futures for the S&P 500 dipped 8.75 points, or 0.2%, at 4,811.75.
Futures for the NASDAQ dropped 43.5 points to 16,979.50.
All three major averages are headed for a winning December and 2023 as stocks build on the recent rally and investors look forward to rate cuts from the Federal Reserve in the new year.
The S&P 500 has risen 4.4% this month and 24.2% year to date, while the Dow has added 4.5% this month and 13.3%, year to date The NASDAQ is up 5.5% for December and 43.4% for 2023, putting it on pace for its best year since 2020.
FedEx slumped 11% in premarket trading after the package delivery giant posted a disappointing revenue outlook for the fiscal year. Results for its fiscal second quarter also fell short of Wall Street's expectations on the top and bottom lines.
The tail end of earnings season presses on Wednesday with results from General Mills and Micron Technology. Consumer confidence data for December and existing home sales for November are also due. The personal consumption expenditures price index is set to release on Friday.
In Japan, the Nikkei 225 roared ahead 1.4% Wednesday, while in Hong Kong, the Hang Seng Index regained 0.7%.
Oil prices subtracted 27 cents to $72.20 U.S. a barrel.
Gold prices retreated $5.60 to $2,046.40 U.S. an ounce.