Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
(NYSE)
as
a
picture
of
Vice
President
Kamala
Harris
is
displayed
on
a
television
screen
on
July
22,
2024
in
New
York
City.
Spencer
Platt
|
Getty
Images
Stock
futures
rose
modestly
on
Thursday
evening
as
the
major
averages
head
for
weekly
losses
and
investors
anticipated
a
reading
of
the
Federal
Reserve’s
preferred
inflation
gauge.
Futures
tied
to
the
Dow
Jones
Industrial
Average
advanced
69
points,
or
nearly
0.2%.
S&P
500
futures
and
Nasdaq
100
futures
climbed
just
over
0.1%
each.
In
after-hours
trading,
medical
device
maker
Dexcom
plunged
about
38%
after
releasing
disappointing
fiscal
full-year
guidance.
Footwear
company
Deckers
reported
fiscal
first-quarter
earnings
and
revenue
that
exceeded
analysts’
expectations,
boosting
shares
by
roughly
10%.
Stocks
are
poised
to
end
the
week
with
declines,
as
investors
on
Thursday
added
to
the
previous
session’s
steep
losses
by
dumping
some
megacap
tech
and
artificial
intelligence-tied
stocks.
The
activity
seemed
to
be
part
of
a
broader
rotation
into
small
caps
and
more
cyclical
areas
of
the
market.
The
S&P
500
and
tech-heavy
Nasdaq
Composite
slid
by
about
0.5%
and
0.9%,
respectively,
on
Thursday.
The
30-stock
Dow
bucked
the
trend
and
added
roughly
81
points,
or
just
0.2%.
“Volatility
came
back
with
a
vengeance
this
week
as
selling
pressure
in
the
megacap
space
dragged
down
the
broader
market,”
LPL
Financial
chief
technical
strategist
Adam
Turnquist
said
in
a
note
to
clients,
adding
that
overbought
conditions
have
also
contributed
to
the
recent
weakness.
“Counterbalancing
weakness
in
these
heavyweight
names
poses
a
challenge
for
the
rest
of
the
market.”
The
broad-market
index
is
down
1.9%
this
week,
while
the
Nasdaq
has
lost
nearly
3.1%.
The
Dow
is
down
roughly
0.9%
week
to
date.
On
Friday
at
8:30
a.m.
ET,
traders
will
watch
for
June’s
personal
consumption
expenditures
report,
an
inflation
reading
that’s
preferred
by
central
bank
policymakers.
On
a
monthly
basis,
headline
PCE
is
expected
to
have
grown
by
0.1%
and
by
2.5%
from
12
months
earlier,
according
to
economists
polled
by
Dow
Jones.
The
final
Michigan
sentiment
survey
will
be
released
at
10
a.m.
On
the
earnings
front,
Bristol
Myers
Squibb, Colgate-Palmolive
and
3M
are
slated
to
post
quarterly
results.
