Traders work on the floor at the New York Stock Exchange on January 29, 2024.
Brendan McDiarmid | Reuters
Stock futures fell as Wall Street assessed recent earnings results and looked to the Federal Reserve's preferred measure of inflation.
Linked futures contracts Dow Jones Industrial Average It fell 107 points, or 0.3%. the Standard & Poor's 500 futures And Nasdaq 100 futures Each fell 0.2%.
Salesforce fell 1% due to weak revenue guidance, while… Snowflake It fell 22% after announcing the retirement of its CEO and sharing disappointing product revenue guidance. Okta 26.8% emerged with strong results.
Wall Street is eagerly awaiting the January personal consumption spending reading on Thursday. Economists are bracing for a 0.3% monthly gain and a 2.4% move year over year. A higher-than-expected reading could weaken stocks and suggests that the recent CPI and PPI releases were in the right direction. a
“Investors have largely retreated from earlier hopes for early interest rate cuts, and a disappointing personal consumption expenditures report could reinforce 'higher for longer' concerns regarding Treasury yields,” said Joe Mazzola, director of trading and education at Charles Schwab.
Thursday's session concludes February trading and another positive month for the three major averages, despite a series of declines that raises questions about the sustainability of the AI-led rally. The Nasdaq index leads the group with gains of 5.2%. The S&P 500 jumped 4.6%, while the Dow Jones rose 2.1%. This would mark the Dow's first four-month winning streak since May 2021.
The end of earnings season continues Thursday with results from Best Buy, Hewlett Packard Enterprises and Bath & Body Works.
Other key economic numbers are scheduled for release, including January personal income data, February Chicago PMI data and January pending home sales index. John Williams, President and CEO of the Federal Reserve Bank of New York, is also scheduled to moderate the discussion in the evening.
