Dow futures Little Changed Following Mixed Session

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Dow futures Little Changed Following Mixed Session
Credit: © Reuters.

By Oliver Gray - U.S. stock index futures were flat during overnight trading Wednesday, following a mixed session among major benchmark averages as investors remain cautious in the face of surging inflation and aggressive rate hikes from central bank policymakers.

By 8:45pm ET (10:45pm GMT) Dow Jones Futures and Nasdaq 100 Futures remained flat while S&P 500 Futures eased 0.1%.

On the economic data front, weekly jobless claims will be in focus Thursday, with 230K first-time filers expected. Meantime, the core PCE price index , Personal income and spending data will also be released.

Among earnings, Constellation Brands Inc Class A (NYSE: STZ ) and Walgreens Boots Alliance Inc (NASDAQ: WBA ) will post quarterly updates before the opening bell, while Micron Technology Inc (NASDAQ: MU ) is set to report after the market closes.

In policy news, Federal Reserve Bank of Cleveland President Loretta Mester told CNBC that she supports a 75 basis point hike at the central bank’s upcoming July meeting if current economic conditions persist. Earlier in June, the Fed raised its benchmark interest rate by three-quarters of a percentage point, which was the largest increase since 1994.

During Wednesday’s regular deals, the Dow Jones Industrial Average   finished up 82.3 points or 0.3% to 31,029.3, the S&P 500 slipped 0.1% to 3,818.8 and the NASDAQ Composite inched lower by 0.03% to 11,177.9.

Among stocks, General Mills Inc (NYSE: GIS ) shares rose about 6.4% after the company reported larger than expected earnings and revenue forecasts for its most recent quarter.

Bed Bath & Beyond Inc (NASDAQ: BBBY ) shares plummeted roughly 23.6% after the company posted a huge miss on quarterly earnings and revenue expectations and announced its CEO is stepping down.

Tech stocks were supported by easing bond yields, with Inc (NASDAQ: AMZN ) up 1.4%, Microsoft Corporation (NASDAQ: MSFT ) adding 1.5%, Meta Platforms Inc (NASDAQ: META ) up 2% and Apple Inc (NASDAQ: AAPL ) gaining 1.3%

On the bond markets, United States 10-Year rates were at 3.087%.

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