Stock futures slip following third straight day of gains for S&P 500

Finance

Traders on the floor of the NYSE, June 16, 2022.
Source: NYSE

U.S. stock futures were little changed on Wednesday night as investors digested the most recent meeting minutes from the Federal Reserve.

Dow Jones Industrial Average futures rose by 26 points, or 0.1%. S&P 500 and Nasdaq 100 futures climbed 0.1% and 0.1%, respectively.

Shares of GameStop popped 8% in extended trading after the video game retailer said a 4-for-1 stock split was approved by its board. Shareholders at the market close on July 18 will get a dividend of three additional shares for each of GameStop’s Class A common stock, the retailer said. The dividend will be distributed after trading closes on July 21.

Earlier in the day, the S&P 500 posted its third straight day of gains following the release of the June meeting minutes from the central bank. The broader market index added nearly 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite rose close to 0.4%.

Stocks climbed after the release of the Federal Reserve’s June meeting minutes. Central bank officials reiterated a tough stance against inflation, saying another 50- or 75-basis point move would “likely be appropriate” at the July 26-27 meeting.

Still, many investors found it challenging to trust those gains as recession concerns continue to loom on Wall Street, and as market participants looked ahead to what many expect will be a volatile earnings season this month.

“Everybody is both emotionally and sort of market level exhausted,” Alli McCartney, managing director at UBS Private Wealth Management, said Wednesday on CNBC’s “Closing Bell.” “So, I think we still have a summer of watching for what the Fed does, watching for what happens in international policy, watching for the directionality of CPI.”

On the economic front, traders will parse through the latest reports on weekly jobless claims and international trade that are due out Thursday before the bell.

Meanwhile, Levi Strauss is set to report earnings Thursday after the bell.

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