Traders on the floor of the New York Stock Exchange, August 4, 2022.
Source: NYSE
Stock futures edged lower on Wednesday after the U.S. House of Representatives moved forward with a crucial step toward avoiding a U.S. default on a debt ceiling bill, sending it to the Senate just days before the default deadline.
Dow Jones Industrial Average futures fell 31 points, or 0.09%, erasing earlier gains. S&P 500 futures were flat, while Nasdaq 100 futures were down 0.16%.
The market ended May with big gains in AI-related stocks.
Nordstrom The company rose 7% in extended trading after fiscal first-quarter sales topped Wall Street expectations. sales force Shares fell about 6% after the software company raised its full-year forecast but reported higher-than-expected capital spending.
this Nasdaq Composite Index It rose 5.8% in late May as enthusiasm around AI continued to lift related stocks.chip maker Nvidia It rose 36% in May and briefly touched a market capitalization of $1 trillion this week. letter, Yuan and amazon All are up at least 10 percent for the month.
Outside of technology, however, gains are hard to come by.this S&P 500 Index Inched up 0.3% for the month, while blue chips Dow fell nearly 3.5%, dragged down by nike, walt disney and Chevron.
“We’ve been impressed by the resilience of the market since the March lows, absorbing the relentless onslaught of negative sentiment and headlines,” said Craig Johnson, chief market technician at Piper Sandler.
In addition to the debt ceiling battle, investors are looking to the Federal Reserve’s June 13-14 policy meeting as another possible market catalyst. Philadelphia Fed President Patrick Harker said on Wednesday he is leaning toward no rate hike at an upcoming meeting. However, he added that Friday’s jobs report could change his mind.
A slew of economic data is scheduled for release on Thursday, including weekly jobless claims and the purchasing managers’ index.