Dow Jones Today: Stock Futures Slightly Lower as Major Indexes Hover Near Record Highs
Stock futures are modestly lower on Wednesday as the S&P 500 and Dow Jones Industrial Average look to add to record highs.
Futures tied to the Dow and S&P 500 were down less than 0.1%, while those linked to the Nasdaq 100 were off 0.1%. The major indexes finished higher on Tuesday as AI chipmaker Nvidia (NVDA) surged and a wide range of stocks got a boost from a major stimulus package unveiled by Chinese authorities.
Major indexes have recovered from an early-September selloff amid investor optimism that the U.S. economy is headed for a soft landing and the Federal Reserve will continue cutting interest rates. While the S&P and Dow are trading at record high levels, the Nasdaq is about 3% away from its all-time high.
Nvidia shares were up slightly ahead of the bell Wednesday, while other mega-cap technology stocks were mixed. Microsoft (MSFT) and Amazon (AMZN) were higher, while Apple (AAPL), Alphabet (GOOGL) and Meta Platforms (META) lost ground. Shares of Micron (MU) were up 0.5% ahead of the release of the company’s earnings report after the closing bell.
The economic data calendar is light on Wednesday, with the latest reading on new homes sales due at 10:00 a.m. ET. Investors are keeping a close eye on economic data as they look for confirmation of the health of the economy and information that could affect the Fed’s decisions on rates. Key releases on the labor market and inflation are due later in the week, along with several speeches by Fed officials.
Gold futures were up slightly early Wednesday near record highs at around $2,680 an ounce, while crude oil futures were down more than 1%, giving back the previous session’s gains. Bitcoin was down slightly at around $63,800 after moving to its highest level in over a month overnight at over $64,500.
KB Home Shares Slide After Earnings-Key Levels to Watch
51 minutes ago
KB Home (KBH) shares were down 6% in premarket trading after the homebuilder’s third-quarter profit fell short of Wall Street expectations.
The stock sits poised to fall below the lower trendline of an ascending triangle on Wednesday, opening the door for further price fluctuations.
Investors should monitor key post-earnings price levels on KB Home’s chart at $79, $72, and $64. A measured move, which calculates the distance of the ascending triangle near its widest point and adds that amount to the pattern’s top trendline, projects a price target of $108 if the stock resumes its longer-term uptrend.
Read the full technical analysis piece here.
Major Index Stock Futures Slightly Lower
1 hr 19 min ago
Futures tied to the Dow Jones Industrial Average were down fractionally.
S&P 500 futures were also down less than 0.1%.
Nasdaq 100 futures were down 0.2%.