Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
U.S.,
March
13,
2024.
Brendan
McDermid
|
Reuters
U.S.
stock
futures
inched
higher
on
Wednesday
night
as
traders
looked
ahead
to
another
inflation
reading.
Dow
Jones
Industrial
Average
futures
rose
32
points,
or
less
than
0.1%.
S&P
500
futures
advanced
0.1%,
and
Nasdaq
100
futures
climbed
0.2%.
In
after-hours
action,
trading
platform
Robinhood
popped
10%
after
the
company
reported
a
16%
increase
in
assets
under
custody
in
February
from
the
prior
month.
Troubled
electric
vehicle
startup
Fisker
tumbled
46%
after
The
Wall
Street
Journal
reported
that
the
company
has
hired
restructuring
advisors
to
prepare
for
a
potential
bankruptcy
filing.
These
moves
come
after
the
major
stock
indexes
ended
Wednesday’s
session
with
mixed
activity.
A
sharp
decline
in
the
technology
sector
—
particularly
as
Nvidia
dropped
1.1%
—
pulled
the
S&P
500
and
the
Nasdaq
Composite
lower,
with
the
two
benchmarks
slipping
0.19%
and
0.54%,
respectively.
The
30-stock
Dow,
on
the
other
hand,
added
0.10%.
Investors
are
watching
out
for
February’s
producer
price
index,
due
Thursday
morning
before
the
bell.
The
metric
is
a
measurement
of
wholesale
inflation.
Economists
polled
by
Dow
Jones
anticipate
that
headline
PPI
grew
by
0.3%
in
February,
or
0.2%
when
excluding
food
and
energy
prices.
The
PPI
report
is
the
last
major
piece
of
economic
data
to
be
released
prior
to
the
Federal
Reserve’s
upcoming
policy
meeting,
set
for
March
19-20.
The
bigger
market
theme
right
now
is
the
sell-off
in
the
technology
sector,
according
to
Jay
Woods,
the
chief
global
strategist
of
Freedom
Capital
Markets.
Just
two
stocks
in
the
Magnificent
Seven
cohort
ended
Wednesday
higher
—
Alphabet
and
Amazon.
At
the
same
time,
seven
of
the
11
S&P
sectors
ended
the
day
on
a
positive
note,
with
energy
and
materials
leading
the
way.
“The
market
has
been
able
to
withstand
the
lack
of
technology
leadership
and
has
broadened
out.
The
Magnificent
Seven
story
is
over,
thankfully,”
said
Woods.
The
strategist
noted
Apple
and
Tesla
have
continued
to
fall
amid
weakened
sales
in
the
China
market
and
a
lack
of
artificial
intelligence-adjacent
incentives.
Meanwhile,
the
House’s
recently
passed
bill
—
which
could
lead
to
a
TikTok
ban
—
may
have
larger
ramifications
both
within
the
broader
tech
sector
and
in
Chinese-linked
equities.
On
Thursday,
investors
will
also
be
watching
for
the
weekly
jobless
claims
report
and
retail
sales.
Both
data
releases
are
due
before
the
opening
bell.
