Stock futures were little changed after the S&P 500’s third straight day of gains
Traders on the NYSE, June 16, 2022.
U.S. stock futures were flat on Thursday morning as investors reviewed minutes of the most recent meeting from the Federal Reserve.
Dow Jones Industrial Average futures inched up 36 points, or 0.12%. Futures for the S&P 500 and Nasdaq 100 were up 0.12% and 0.21%, respectively.
Shares of GameStop jumped 8% in extended trading after the video game retailer said The 4 to 1 stock split has been approved by the board of directors. Shareholders present at the market close on July 18 will receive a dividend equal to three additional shares for each GameStop Class A common share, the retailer said. Dividends will be distributed after the close of trading on July 21.
Earlier in the day, the S&P 500 posted a third straight day of gains after releasing the minutes of the June meeting from the central bank. The broader market index rose nearly 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite rose nearly 0.4%.
Shares rose after the release of the minutes of the Federal Reserve’s June meeting. Central bank officials reiterated their tough stance against inflation, saying another 50 or 75 basis point move “probably would be appropriate” at the July 26-27 meeting.
Still, many investors find it hard to believe in those returns as recession fears continue to loom on Wall Street, and as market participants look ahead to what many expect to be. a volatile earnings season this month.
“Everyone is exhausted both emotionally and on a market level,” Alli McCartney, managing director at UBS Private Wealth Management, said Wednesday on CNBC’s “Closing Bell.” “So I think we still have a summer to watch what the Fed does, watch what happens in international policy, watch the trend of the CPI.”
On the economic front, traders will analyze the latest weekly unemployment and international trade reports to be released on Thursday before the bell.
Meanwhile, Levi Strauss will report earnings on Thursday after the bell.