Stock futures opened slightly higher Thursday evening after another volatile session earlier in the day sent the three major indices tumbling anew.
Tech stocks resumed their selloff, and the Nasdaq dropped 2% on the day to underperform against the S&P 500 and Dow. The three major indices have now fallen in four of the last five sessions, pressured by an ongoing rout in some of their most heavily weighed big tech shares. The information technology and energy sectors lagged in the S&P 500, and US crude oil prices settled 2% lower, also resuming their downward trend after a brief rebound rally on Wednesday.
Moves were more muted after market close as investors assessed the recent damage. Amazon (AMZN), Apple (AAPL) and Netflix (NFLX) shares were each marginally higher in late trading, after falling at least 2.8% each during the regular session on Thursday.
Better than expected quarterly earnings results after market close sent shares of some other tech names decidedly higher in late trading, however. Shares of Peloton (PTON) jumped more than 8% after the connected fitness company topped fourth-quarter expectations and grew revenue 170% over last year, as demand for the firm’s at-home fitness equipment exploded during the pandemic. Oracle (ORCL) also reported a solid top-line beat, with demand for its cloud-computing services seeing strong uptake as more individuals work and go to school from home.
On Friday, investors are set to receive earnings results from major grocer Kroger (KR). On the the economic data front, the Labor Department is set to release its August consumer price index (CPI). The report is expected to show a 0.3% month-on-month increase in prices paid by consumers, as companies regain pricing power following the worst points of the pandemic.
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Here were the main moves in equity markets, as of 6:11 p.m. ET:
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S&P 500 futures (ES=F): 3,346.00, up 5.5 points or 0.16%
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Dow futures (YM=F): 27,593.00, up 48 points or 0.17%
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Nasdaq futures (NQ=F): 11,205.25, up 27 points or 0.24%
NEW YORK, NEW YORK – MARCH 20: Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to show concerns over COVID-19. (Photo by Spencer Platt/Getty Images)
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