Stock futures took a downward turn on Wednesday following the strong rally that marked the end of 2023.
– S&P 500 futures edged 0.2% lower.
– Nasdaq 100 futures dipped 0.3%.
– Dow Jones Industrial Average futures slipped 54 points, or 0.1%.
FedEx experienced a significant decline of 12.4% in premarket trading due to a disappointing revenue outlook for the fiscal year and second-quarter results falling short of Wall Street’s expectations.
In the previous trading session, the S&P 500 gained 0.59%, nearing its record close and intraday high from January 2022. The Nasdaq Composite closed above the 15,000 level for the first time since January 2022, while the Dow advanced 0.68% and closed at a fresh record high, extending its winning streak to nine consecutive days. Stock futures took
For the month of December and the entire year of 2023, all three major averages are on track for gains. The S&P 500 has risen 4.4% in December and 24.2% year-to-date, the Dow has added 4.5% and 13.3%, respectively, and the Nasdaq is up 5.5% for December and 43.4% for 2023.
Despite the seemingly strong market performance, Charles Schwab’s Kevin Gordon advises caution, noting a possible short-term pullback due to the frothy sentiment following the Federal Reserve’s December decision.
Earnings reports from General Mills and Micron Technology are expected on Wednesday, along with consumer confidence data for December and existing home sales for November. The personal consumption expenditures price index is scheduled for release on Friday.
’s stock sank 9% after the package-delivery company posted disappointing quarterly results and trimmed its revenue outlook.