Dow Jones Today: Stock Futures Move Lower as Investors Await Important Economic Data, Big Tech Earnings
Stock futures are lower Wednesday after six straight days of gains for major indexes as investors brace for important reports on economic growth and inflation, as well as quarterly results from several major technology companies.
Futures tied to the S&P 500 and tech-heavy Nasdaq were down 0.4% and 0.6%, respectively, about 90 minutes before the opening bell, while those linked to the Dow Jones Industrial Average inched higher. Stocks closed higher on Tuesday, extending the winning streaks for the S&P 500 and Dow to six sessions, as investors digested a flurry of earnings reports and welcomed signs that the Trump administration could soften its stance on tariffs.
Investors are awaiting two critical pieces of data that are slated for release at 8:30 a.m. ET: the quarterly GDP report and the Personal Consumption Expenditures index, which is the Federal Reserve’s preferred measure of inflation. Market participants are watching economic indicators closely as they assess the impact of Trump administration policies and try to ascertain how the data could affect the Fed’s decision-making on interest rates.
Several companies that reported earnings late yesterday or early this morning were on the move in premarket trading Wednesday.
Starbucks (SBUX) shares were down more than 8% after the coffee chain’s results missed on the top and bottom lines, while Super Micro Computer (SMCI) plunged 17% after the server maker issued preliminary results that came in well below the company’s previous guidance. Shares of Caterpillar (CAT), a Dow component, were up nearly 4% after the construction equipment maker’s quarterly profit matched Wall Street expectations, while GE HealthCare Technologies (GEHC) jumped more than 4% after better-than-expected results,
Shares of the world’s largest technology companies were lower ahead of the bell, as investors await scheduled earnings releases from Microsoft (MSFT) and Meta Platforms (META) after today’s close and reports from Apple (AAPL) and Amazon (AMZN) late tomorrow. AI chipmaker Nvidia (NVDA) and EV maker Tesla (TSLA) were leading the decline, each falling about 2%. Apple, Microsoft, Amazon, Alphabet (GOOG), Meta and Broadcom (AVGO) also lost ground.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer and business loans, was down slightly at 4.15% recently and trading at its lowest levels since early April. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up slightly at 99.39, after hitting a three-year low below 98 early last week.
Gold futures—which hit a record high early last week of around $3,500 an ounce as investors turned to the traditional safe haven amid concerns about tariffs—as down 1.4% at $3,285. West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.7% to just under $60 per barrel.
Bitcoin was little changed this morning at around $95,100, after trading in a relatively narrow range all day yesterday.