Business

Stock futures drop slightly as investors weigh earnings, Fed and geopolitics


Traders work on the floor of the New York Stock Exchange (NYSE) on February 16, 2022 in New York City.

Spencer Platt | beautiful pictures

Futures fell in overnight trading as investors reviewed corporate earnings reports, updates from the Federal Reserve and developments in the Russia-Ukraine conflict.

Futures on the Dow Jones Industrial Average fell about 35 points, or 0.1%. Futures on the S&P 500 and Nasdaq 100 both fell about 0.2%.

A wide range of companies reported quarterly results after the bell on Wednesday. DoorDash is up over 27% in a few hours. Cisco and Applied Materials are both up more than 2% in extended trading.

The S&P 500 index in regular trading on Wednesday closed little changed, while the Dow fell nearly 55 points and the Nasdaq Composite fell 0.1%.

The major stock averages fell to their lowest levels on Wednesday after the release Minutes of the Fed’s January meeting.

The minutes showed the Fed was ready to raise interest rates and reduce its balance sheet, as investors had expected.

“In the market, it’s not the kind of granary incinerator,” said Michael Schumacher, head of rates at Wells Fargo. “I think this tells us very little about Fed policy.”

Ongoing tensions at the Russia-Ukraine border continue to impact market sentiment.

NATO officials on Wednesday accused Russia of increasing its troops at the Ukrainian border. American and Russian planes over the Mediterranean Sea flew close together over the weekend, The Wall Street Journal reported Wednesday

Investors are awaiting Thursday’s quarterly reports from Walmart, Airbus, Autonation and Nestle.

The weekly jobless claims count will also be released on Thursday morning.



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