Stock futures dipped in early morning trading Thursday but were off their lows as strong earnings from Walmart helped boost sentiment.
Futures on the Dow Jones Industrial Average shed 70 points, or 0.2%. S&P 500 futures declined 0.3% and Nasdaq 100 futures ticked down 0.4%.
A slew of companies reported quarterly results after the bell Wednesday. DoorDash surged more than 26% in premarket trading after reporting a loss while saying revenue rose and issuing upbeat guidance. Cisco rose 3.5% after also topping estimates and raising guidance, and Applied Materials added 2%.
In early earnings action, Walmart topped expectations and reaffirmed guidance, sending shares up 1.7% in premarket trading and helping to shave losses for futures. Investors also are awaiting quarterly reports from Airbus, Autonation and Nestle.
Weekly jobless claims numbers will also be released Thursday morning. Initial filings for unemployment benefits are expected to total 218,000, according to a Dow Jones estimate. That would be a slight decline from the week before. The market also will get a look at housing starts and building permits as well as the Philadelphia Fed’s manufacturing index.
The S&P 500 in Wednesday’s regular trading session closed little changed, while the Dow shed nearly 55 points and the Nasdaq Composite dipped 0.1%.
The major stock averages came off their lows Wednesday after the release of minutes from the Fed’s January meeting.
The meeting summary showed the Fed is prepared to hike interest rates and reduce its balance sheet soon, as investors had already expected.
“Marketwise it’s not the barn burner it could have been,” said Michael Schumacher, director of rates at Wells Fargo. “I think this tells us very little about Fed policy.”
Ongoing tension at the Russia-Ukraine border continued to impact market sentiment.
NATO officials on Wednesday accused Russia of increasing troop numbers at the Ukrainian border. U.S. and Russian aircraft in the Mediterranean Sea flew close to each other over the weekend, The Wall Street Journal reported Wednesday
Russia expressed caution Thursday about disturbances in eastern Ukraine and cautioned it will take time to remove troops from the border.
