Traders on the floor of the New York Stock Exchange, August 4, 2022.
Source: NYSE
Stock futures were flat overnight on Wednesday, as the tech-driven rally faded and markets fell for a third straight day.
Dow Jones Industrial Average futures rose 23 points, or 0.07%. S&P 500 futures edged up 0.05%, while Nasdaq 100 futures were little changed.
Gains appear to have slowed this week as the three major indexes fell for three straight days.this S&P 500 Index It fell 0.5 percent on Wednesday, its worst single-day performance in June. The stock benchmark is down 1% for the week so far, on track to snap a five-week winning streak.
High technical content Nasdaq Composite Index Fell 1.2%, the worst single-day performance since June 7 supermicro fell 5.7% on Wednesday, while Intel It fell back 6%.this Dow Jones Industrial Averagee slipped 0.3 percent.
Wednesday’s losses came as Federal Reserve Chairman Jerome Powell said further rate hikes were likely ahead to fight inflation, throwing cold water on investors who had hoped the central bank would be near the end.
“Powell is saying there is a long way to go to bring inflation down, which probably means they won’t stop until the fall,” said Edward Moya, senior market analyst at Oanda. “If other central banks appear poised to raise rates more than a few times, that could make it easier for the Fed to maintain aggressive tightening.”
The Fed left interest rates unchanged at its policy meeting last week after raising rates 10 times in a row. However, officials say another two-quarter percentage point increase is likely this year.
Powell to submit semiannual monetary policy report to Fed Senate Banking Committee Thursday morning. Investors will be looking for further comments on inflation and interest rates.
Investors will also focus on Thursday morning’s weekly jobless claims data, which economists polled by Dow Jones expect to show a total of 256,000.