Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
U.S.,
December
11,
2023.
Brendan
Mcdermid
|
Reuters
Stock
futures
were
little
changed
on
Thursday
evening,
following
the
worst
session
in
more
than
a
year
for
the
Dow
Jones
Industrial
Average.
Futures
tied
to
the
30-stock
Dow
hovered
near
the
flatline.
S&P
500
futures
ticked
up
by
0.06%,
while
Nasdaq
100
futures
inched
higher
by
0.04%.
In
after-hours
trading,
Intuit
shares
slid
6%
on
soft
guidance
for
the
current
quarter.
During
Thursday’s
session,
chipmaker
Nvidia
added
more
than
9%,
propelled
by
strong
guidance
in
addition
to
an
earnings
beat
and
a
10-for-1
stock
split.
Nvidia
has
become
a
key
bellwether
for
the
broader
market,
and
it
is
the
de
facto
leader
of
the
so-called
“Magnificent
Seven.”
The
rise
in
the
artificial
intelligence
darling
did
not
help
the
market,
however,
with
more
than
400
stocks
in
the
S&P
500
closing
lower.
The
broad
market
index
lost
0.74%,
while
the
Nasdaq
Composite
fell
0.39%.
The
Dow
suffered
a
1.53%
decline
for
its
worst
session
since
March
2023,
weighed
down
by
a
7.6%
drop
in
Boeing.
“Markets
tend
to
take
breather
heading
into
a
long
holiday
weekend,”
said
Jamie
Cox,
managing
partner
at
Harris
Financial
Group.
“The
Fed
minutes
provided
the
catalyst
and
not
even
Nvidia
could
refocus
markets
on
the
positives.”
Indeed,
at
their
latest
meeting,
central
bank
policymakers
had
expressed
worries
over
the
lack
of
progress
in
tamping
down
inflation.
Robust
economic
data
on
Thursday
further
dented
investors’
hopes
for
rate
cuts
from
the
Federal
Reserve.
May
services
and
manufacturing
data
surpassed
forecasts
from
economists,
while
initial
jobless
claims
for
the
week
ending
May
18
came
in
at
215,000.
Economists
surveyed
by
Dow
Jones
expected
a
reading
of
220,000.
To
that
end,
the
S&P
500
is
tracking
for
a
weekly
loss
of
0.7%,
while
the
Dow
is
on
pace
to
drop
about
2.4%.
The
Nasdaq
is
the
outperformer,
with
a
modest
gain
of
0.3%.
On
Friday,
traders
will
be
watching
for
April’s
durable
goods
report
and
May’s
reading
of
the
University
of
Michigan’s
consumer
sentiment
index.
