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 rose by 8 points, or 0.02%. S&P 500 and Nasdaq 100 futures climbed 0.14% and 0.13%, 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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Dow futures are flat after Wednesday's market rally

Dow futures were flat in overnight trading on Wednesday after all the major averages posted sharp gains on the back of a better-than-expected July inflation report.

Futures tied to the Dow Jones added 0.02% or 6 points, while S&P 500 futures and Nasdaq 100 futures inched 0.07% and 0.13% lower, respectively.

Disney added 6.7% in late trading after posting stronger-than-anticipated subscriber numbers and topping earning estimates on the top and bottom lines. Shares of Sonos slumped more than 19% after missing analysts' expectations.

Wednesday's regular trading session saw all the major indexes rally, with the Dow Jones Industrial Average jumping 535.10 points, or 1.63%, to close at 33,309.51. The S&P 500 added 2.13% to 4,210.24 and hit its highest level since early May, while the Nasdaq Composite gained 2.89% to 12,854.80, its highest close since late April.

The moves came after the headline consumer price index for July came in at 8.5%, slightly cooler than the 8.7% expected by analysts surveyed by Dow Jones, and raised questions as to whether inflation has hit its peak and the Federal Reserve will need to hike rates as aggressively as anticipated when it meets next month.

Beaten-up tech shares that have borne the brunt of this year's selloff drove Wednesday's market rally as shares of Meta Platforms and Netflix jumped 5.8% and 6.2%, respectively. Battered chip names such as Nvidia and Advanced Micro Devices jumped nearly 6% and 4%, respectively.

"For today, we're rallying, and I think it's really because inflation has been such an overhang for investors and for the market," Lindsey Bell, Ally Invest's chief markets and money strategist told CNBC's "Closing Bell" on Wednesday. "And I think what investors are thinking today is maybe the peak really has been put in the past."

Earnings season continues Thursday with reports from Rivian, Warby Parker, Poshmark and more. July producer price index data is also slated for Thursday.

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