Stock market today: Live updates
Investors are waiting for the next market catalyst as stock futures remain flat on Wednesday evening. Futures linked to the S&P 500 ticked lower by 0.01%, while Nasdaq 100 futures inched down by 0.01%. Futures tied to the Dow Jones Industrial Average dropped 9 points or 0.03%. In after-hours trading, GameStop shares dropped roughly 19%, after the video game retailer fired its CEO Matthew Furlong and appointed Ryan Cohen as its executive chairman. GameStop also posted an adjusted loss of 14 cents per share on revenue of $1.24 billion.
During the regular session on Wednesday, the S&P 500 and the Nasdaq Composite appeared to take a breather from their recent rally. The broad-market index closed 0.38% lower, while the Nasdaq dropped 1.29%. The 30-stock Dow was the outlier, with a gain of 0.27% or 91.74 points.
“We’re in a bit of a news vacuum: Earnings are done, the debt ceiling is resolved, and we’re waiting for the Fed next week,” said Barbara Doran, CEO of BD8 Capital Partners on “Closing Bell: Overtime” Wednesday. “It’s widely expected they will pause, but it’s really going to be important what their guidance is and what the [consumer price index] number on Tuesday will be and the [producer price index].”
Indeed, investors seem to be in a holding pattern while awaiting the Federal Reserve’s upcoming policy meeting on June 13 and 14. Economic signs suggest that inflation is inching down, even as it remains above the central bank’s 2% target. Wage growth, for instance, is slowing. Wages rose 5.3% on an annual basis in May, down 0.4 percentage point in April, according to data from Indeed.
Markets are pricing about a 66% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool. More economic data will arrive on Thursday morning, with weekly jobless claims and wholesale inventories due.
FAQs:
What are stock futures?
Stock futures are contracts that enable investors to speculate on the price of a particular stock or index at a future date. They trade on exchanges and allow investors to bet on whether the price of the underlying asset will go up or down.
What is the S&P 500?
The S&P 500 is an index of 500 large-cap stocks listed on American stock exchanges. It is widely regarded as a barometer of the health of the US stock market and economy.
What is the Dow Jones Industrial Average?
The Dow Jones Industrial Average is a stock market index that tracks the performance of 30 large-cap publicly traded companies in the US. It is one of the oldest and most widely followed stock indexes in the world.
What is inflation?
Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to keep inflation within a target range by adjusting monetary policy, such as interest rates.
Live Updates: Today’s Stock Market Condition
In after-hours trading on Wednesday, GameStop shares dropped by nearly 19%. The video game retailer announced that it had fired its CEO, Matthew Furlong, and named Ryan Cohen as its executive chairman. The company also revealed an adjusted loss of 14 cents per share on revenue of $1.24 billion. Stock futures linked to the S&P 500 and Nasdaq 100 dipped slightly, while futures connected to the Dow Jones Industrial Average fell by 0.03%. During the regular session on Wednesday, the S&P 500 and Nasdaq Composite appeared to take a break from their recent rallies. The broad-market index closed 0.38% lower, while the Nasdaq dropped 1.29%. The Dow stood out, with a gain of 0.27%. Investors are currently awaiting the outcome of the Federal Reserve’s upcoming policy meeting on June 13 and 14, with expectations that the central bank will pause monetary stimulus. Economic data suggests that inflation is slowly receding, but it still exceeds the central bank’s 2% target. More economic data is expected tomorrow, which will include weekly jobless claims and wholesale inventories.