Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023.
Brendan Mcdermid | Reuters
S&P 500 futures slid modestly Wednesday night following a session in which the broad index added to its longest winning streak since November 2021.
Futures tied to the index shed 0.2%, while Nasdaq 100 futures lost 0.3%. Futures tied to the Dow Jones Industrial Average slipped 28 points, or 0.1%.
In after-hours trading, Disney rose nearly 3% after reporting better-than-expected profit. On the other hand, Lyft dropped nearly 2% after bookings came in worse than anticipated and the rideshare platform said it would continue to struggle on the measure in the current quarter.
The moves follow a muted but momentous day on Wall Street. While the S&P 500 finished up just 0.1%, it marked the longest winning streak since 2021 at eight days. The tech-heavy Nasdaq Composite inched up by 0.08%, eking out a ninth winning day for its lengthiest stretch of positive sessions in two years. The Dow finished down by about 0.1%, snapped a seven-day run of gains.
But despite the S&P 500’s winning streak, the market still has narrow leadership, according to Robert Haworth, senior investment strategist at U.S. Bank Wealth Management. Technology stocks have also continued to outperform as investors assess the interest rate environment, he said.
“It’s a market that appears to be thinking that higher rates are going to be with us for longer,” Haworth said. “It’s really bifurcated.”
Investors will watch Thursday for morning data on jobless claims. Traders will also follow remarks from a slate of Federal Reserve officials — including chair Jerome Powell — expected over the course of the day.
