U.S. stock futures flat after Dow, S&P 500 break three-day slide

Traders on the floor of the NYSE, August 24, 2022.

Source: NYSE

U.S. stock futures were flat on Wednesday night after all three major averages ended higher during the daily trading session.

Dow Jones Industrial Average futures shed 7 points, or 0.02%. S&P 500 and Nasdaq 100 futures climbed 0.11% and 0.09%, respectively. Shares of Nvidia slid more than 2% on the heels of a quarterly report that missed Wall Street’s expectations. Salesforce fell more than 4% after the company provided a disappointing forecast for fiscal 2023. Snowflake jumped 16% after posting a beat on revenue.

The Dow Jones Industrial Average gained 59.64 points, or 0.18%, and the S&P 500 rose 0.29% Wednesday. For both averages, the gains snapped three-day long losing streaks. The tech-heavy Nasdaq Composite also ticked up 0.41%.

The market action occurs as investors await the start of the Jackson Hole economic symposium, which begins Thursday with Federal Reserve Chair Jerome Powell scheduled to speak the following morning. Traders will be listening for more information about how the central bank will combat high inflation and if policymakers may cut rates when the current hiking cycle is over.

“It’s steady as it goes, it’s way too early for the Fed to consider a pivot,” said Jim Bianco, president of Bianco Research, on CNBC’s “Fast Money.”

Investors are also waiting for key economic reports scheduled to come out later in the week, including jobless claims Thursday and the personal consumption expenditures Friday. The PCE report is one of the Fed’s favorite inflation measures, and it could influence its actions going forward.

Peloton reports quarterly earnings Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close Thursday.

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