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Stock futures tick higher after the Nasdaq declines further into correction territory: Live updates

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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. 

Brendan Mcdermid | Reuters

U.S. stock futures inched higher on Thursday night after the Nasdaq Composite slipped further into correction territory.

Nasdaq 100 futures climbed 0.5%. Futures tied to the S&P 500 advanced 0.3%, while Dow Jones Industrial Average futures rose 65 points, or 0.2%.

In after-hours action, Amazon added more than 4% after the e-commerce giant trounced analysts’ expectations for revenue and earnings in the third quarter. Ford stock dropped 4% after the company missed third-quarter earnings expectations and pulled its guidance for the year, citing the UAW strike.

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During Thursday’s regular trading, the tech-heavy Nasdaq Composite shed 1.76%. The action comes after the index slid into correction territory on Wednesday. The Nasdaq is now down more than 12% since its high close for the year in July.

At its Thursday low, the S&P 500 briefly dipped into correction territory. The broader index ended the day 1.18% lower — 9.8% off its closing high for the year in July and teetering dangerously close to correction territory. The Dow shed 251.63 points, or 0.76%, seeing its sixth negative session in seven.

The 30-stock index is down 1.04% week to date, on pace for its fifth negative week out of six. Meanwhile, the S&P 500 is on track for its second negative week in a row, and the Nasdaq for its third consecutive weekly loss.

Chevron and Exxon Mobil are set to report earnings Friday before the bell. Traders will also watch out for the latest readings on the September core personal consumption expenditures price index, a key inflation gauge for the Federal Reserve.

Source: CNBC

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