Stock futures dip slightly as traders assess Fed Chair Powell’s inflation remarks
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 26, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures inched lower in overnight trading Tuesday.
Dow Jones Industrial Average futures fell by 112 points, paring most of earlier losses following President Joe Biden’s State of the Union address. S&P 500 futures fell 0.4% and Nasdaq 100 futures shed 0.44%.
Chipotle shares fell more than 4% after missing expectations on the top and bottom lines in its latest results. Meanwhile, cybersecurity stock Fortinet jumped more than 15% after topping earnings per share estimates.
Stocks closed near session highs after a volatile bout of trading on Tuesday. The Dow Jones Industrial Average jumped about 265 points, or 0.78%. The S&P 500 rose 1.29%. Meanwhile, the tech-heavy Nasdaq Composite outpaced the other two indexes, gaining 1.9%.
Earlier in the day, Federal Reserve Chair Jerome Powell said inflation is easing at an event at The Economic Club of Washington, D.C, reiterating comments from his press conference last week that raised investor hopes that the Fed will soon pause or pivot interest rate hikes. The major averages initially jumped during the remarks, before briefly falling into negative territory, and then closing higher.
“We have a Federal Reserve that no longer wants to be adversarial. And one could argue that they are not adversarial anymore, because they’ve had two opportunities in the last week to be that way. They didn’t do it,” Virtus Investment Partners’ Joseph Terranova said Tuesday on CNBC’s “Closing Bell: Overtime.”
A slew of corporate earnings are on deck Wednesday. CVS Health, Under Armour, Yum! Brands and Uber Technologies are reporting before the bell. Walt Disney and Robinhood are posting results after the bell.
Traders will also watch for the latest reading on wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December, according to Dow Jones.
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