New York, NY – Stock futures took a dip on Wednesday evening as Wall Street digested the latest round of earnings reports from major technology companies. The S&P 500 futures were down 0.3%, while Nasdaq 100 futures fell 0.5% and Dow Jones Industrial Average futures declined by 27 points.
After the closing bell, Meta Platforms saw a 3% drop in its stock price after falling short of user growth expectations and warning of increased capital expenditures in 2025. Similarly, Microsoft’s revenue forecast disappointed investors, leading to a nearly 4% decrease in share value.
During regular trading on Wednesday, the major stock indices experienced slight declines. The S&P 500 dropped 0.3%, the Dow fell 0.2%, and the Nasdaq Composite saw a decrease of nearly 0.6%. Additionally, investors analyzed the third-quarter U.S. gross domestic product data which showed a 2.8% growth rate, below the anticipated 3.1% forecast.
Looking ahead, the market awaits the release of the personal consumption expenditures price index for September on Thursday morning, a key indicator of inflation preferred by the Federal Reserve. Economists predict a 0.2% monthly increase and a 2.1% year-over-year growth. The results of this index, along with the October payrolls report on Friday, will influence the Fed’s decision on interest rates at the conclusion of its two-day policy meeting on November 7th.
Jamie Cox, managing director at Harris Financial Group, noted, “Growth up, inflation down is precisely what you want to see. The Fed doesn’t need to be afraid of a stable and growing economy to normalize rates this cycle so long as disinflation persists.”
Tech earnings will continue to be in focus on Thursday with upcoming reports from industry giants Apple and Amazon, as well as Uber, Merck, and Intel. Additionally, the weekly jobless claims report is set to be released on Thursday morning, providing further insight into the state of the labor market.