NEW YORK, NEW YORK – JANUARY 22: Traders work on the floor of the New York Stock Exchange during afternoon trading on January 22, 2024 in New York City. The Dow Jones and S&P both hit all time highs with the Dow Jones closing over 38,000 points for the first time ever as stocks continue to rise.
(Photo by Michael M. Santiago/Getty Images)
Michael M. Santiago | Getty Images News | Getty Images
Stock futures were little changed Thursday, following a fresh record close for the S&P 500 and strong quarterly results from Adobe.
Futures tied to the broad market index slipped 0.1%, while Nasdaq 100 futures ticked up by 0.04%. Dow Jones Industrial Average futures inched down by 0.08%, or 30 points.
In extended trading, software giant Adobe leapt 16% after fiscal second-quarter results surpassed Wall Street estimates. Adobe also raised its full-year guidance, making the company a standout compared to peers in the software space that are citing headwinds tied to macroeconomic trends.
Stocks are coming off a winning session that saw the S&P 500 notch its fourth-straight record close. The technology-heavy Nasdaq Composite also ended the session at a record. Hopes for a continued cooling of inflation have boosted equities this week. The S&P 500 and Nasdaq Composite are on pace to end the week higher. The S&P 500 has climbed 1.6%, while the Nasdaq has added 3.1%. The 30-stock Dow is the lone laggard with a 0.4% decline.
Wholesale inflation unexpectedly ticked down by 0.2% last month, while economists polled by Dow Jones expected the gauge to increase by 0.1%. That follows a consumer price index reading that was flat on a monthly basis in May.
“I think the soft landing is still intact, but I think there’s starting to be and could be jitters about [if] the Fed is staying restrictive for too long,” BD8 Capital Partners CEO Barbara Doran told CNBC’s “Closing Bell: Overtime” on Thursday.
“The market on the surface is expensive at 21 times earnings, but as we know, that’s a handful of stocks [and] if you take that out of the S&P 500, it’s a lot cheaper,” she added. “The question now is breadth.” Market breadth measures the number of stocks that are rising versus those that are falling. When a greater number of stocks are climbing, that suggests a broad uptrend.
Elsewhere, shares of electric vehicle maker Tesla traded marginally higher after the company’s board of directors approved a contentious $56 billion pay package for CEO Elon Musk.