New York, NY – Stock futures took a slight dip in overnight trading following a positive session after three consecutive days of losses. Futures linked to the Dow Jones Industrial Average decreased by 0.1%, while S&P 500 futures and Nasdaq-100 futures also edged lower by 0.1% and 0.2%, respectively.
In extended trading, Victoria’s Secret saw a significant drop of 25% after releasing mixed quarterly results and offering disappointing guidance. However, major averages ended higher on Wednesday after two consecutive days of losses. The S&P 500 rose by 0.51%, Nasdaq Composite increased by about 0.6%, and Dow Jones Industrial Average gained by 0.2%.
Nine out of the 11 major S&P sectors concluded higher, with utilities leading the way. New York Community Bancorp experienced a tumultuous day, falling more than 40% during the session but finishing with a 7.5% gain after announcing a $1 billion capital raise. On the other hand, Apple faced its sixth consecutive day of decline, resulting in weekly losses of nearly 6%.
Investors closely monitored Federal Reserve Chair Powell’s testimony before the House Financial Services Committee for insights on future interest rate cuts. Powell indicated that the policy rate has peaked for the current tightening cycle but emphasized that the Fed is not yet ready to initiate rate reductions.
Looking ahead, investors awaited Powell’s remarks at the Senate Banking Committee, along with the upcoming jobless claims data, trade balance, and consumer credit data for January. Additionally, the highly anticipated February jobs report was scheduled for release on Friday morning.
Earnings reports from companies like Broadcom, Costco Wholesale, and Kroger were also on the radar for investors, adding to the anticipation and activity in the market. With the various economic indicators and developments in play, investors and analysts remained vigilant in their assessments and strategies moving forward.