U.S. stock index futures held steady in evening deals Tuesday after Wall Street closed lower for the first time in 9 sessions, with focus remaining on the Jackson Hole Symposium and further cues on interest rate cuts.
The Wall Street indexes closed a touch lower on Tuesday, as a rebound over the past eight sessions ran out of steam. Heavyweight technology stocks logged some losses after a strong recovery in recent sessions, while energy stocks slid tracking weak oil prices.
It remained steady at 5,620.25 points in S&P 500 Futures and dropped 0.1% to 19,797.25 points in Nasdaq 100 Futures as of 19:04 ET. Conversely, Dow Jones Futures rose 0.1% to 40,972.0 points.
Wall St snaps 8-day winning streak as Jackson Hole looms
Wall Street indexes dropped on Tuesday after gaining for the past 8 sessions, where it rallied past the market weakness and volatility seen in early August.
Markets turned cautious before the Jackson Hole Symposium, a meeting of major central bank heads, where Federal Reserve Chair Jerome Powell is set to deliver an address later this week.
While investors will be looking for more dovish cues from Powell, given recent signs of some cooling in inflation, he is not expected to outline plans for a September interest rate cut.
The Fed, though, is still broadly expected to cut rates next month, according to CME Fedwatch, with the market currently pricing a 67% chance for a 25 basis-point cut and a 33% probability for a 50 bps reduction.
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More optimism on interest rates has been the main driver of Wall Street’s rebound from the lows hit in early-August, so any more hopeful signs from the Fed would probably drive further gains.
The S&P 500 slid 0.2% to 5,597.12 points, the NASDAQ Composite fell 0.4% to 17,814.98 points, and the Dow Jones Industrial Average lost 0.2% to 40,834.97 points.
JD.com sinks on report Walmart plans to sell stake
Among major aftermarket movers, Chinese e-commerce company JD.com Inc NASDAQJD slid more than 9% after a Bloomberg report that Walmart Inc NYSEWMT planned to sell its stake in the company for about $3.7 bln.
Keysight Technologies Inc NYSEKEYS rose 11% after its earnings beat estimates, while 3D Systems Corporation NYSEDDD slid 5% after posting weaker-than-expected earnings.
The furniture maker, La-Z-Boy Incorporated NYSELZB shares, tumbled 4% after weak guidance offset the strong earnings.
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