Traders work at the New York Stock Exchange on Jan. 29, 2025.
NYSE
U.S. stock futures hovered the flatline Wednesday night as Wall Street digested recent quarterly results from a slew of megacap tech companies. Investors are also coming off a losing session after the Federal Reserve held steady on rates.
S&P 500 futures and futures tied to the Dow Jones Industrial Average were little changed. Nasdaq 100 futures advanced 0.1%.
In extended trading, shares of Meta Platforms and Tesla gained nearly 2% and 4%, respectively, while Microsoft shares dipped 5% after the companies reported earnings. Both Meta and Microsoft beat on the top and bottom lines, but Tesla missed expectations.
Other “Magnificent Seven” names are set to report in the coming days, with Apple’s results being due for a Thursday release. Amazon will soon follow suit, as the megacap tech company reports next week..
Meanwhile, Nvidia fell more than 1% after hours. It’s been a difficult week for Nvidia. Shares are off 13% week to date, sliding on the heels of developments from Chinese artificial intelligence startup DeepSeek. The company’s emergence fanned concerns regarding AI spending and U.S. dominance in the space.
On Wednesday, all three major averages ended the session lower. The declines come after the Fed paused its interest rate-cutting campaign, leaving its borrowing rate unchanged in a range between 4.25% and 4.5%. In their post-meeting statement, policymakers noted that inflation remains “somewhat elevated.”
“The implication is that we’re on hold until the inflation rate goes down, and unfortunately it’s probably not going to go down very much in the several months ahead, so I wouldn’t be looking for rate cuts at the next meeting,” Jeffrey Gundlach, DoubleLine Capital CEO, said Wednesday on CNBC’s “Closing Bell.”
“We have a relatively stable place where we’re standing, and it kind of supports the fact that the market is in a calm position right now, and so is [Jerome] Powell apparently,” he said.
On the economic data front, the fourth-quarter gross domestic product reading is due on Thursday, and weekly jobless claims are out in the morning. Investors are also looking ahead to Friday’s personal consumption expenditures price index report for December.
