Traders work on the floor of the New York Stock Exchange (NYSE) on June 16, 2022 in New York City. Stocks fell sharply in morning trading as investors react to the Federal Reserve’s largest rate hike since 1994.
Spencer Platt | Getty Images
Stock futures slipped on Thursday evening as Wall Street looked to grind out a rare positive week in what has been a rough first half of the year.
Futures tied to the Dow Jones Industrial Average fell 99 points, or 0.3%. Futures for the S&P 500 dipped nearly 0.4%, while Nasdaq 100 futures lost 0.4%.
The moves in futures come as the stock market appears to have found some stability this week, at least for the short term. After an afternoon rally on Thursday, the S&P 500 is up 3.3% for the week, while the Nasdaq composite is up 4% and the Dow is 2.6%.
All three averages are looking to snap three-week losing streaks.
Economic data will be a key focus on Friday, as investors try to determine if the U.S. economy is falling into a recession. New home sales data is due out at 10 a.m. ET and the final University of Michigan consumer sentiment report for June will follow later in the day.
“Recession talk remains the focal point on Wall Street and that means whatever stock market rebounds emerge will probably be short-lived,” Oanda senior market analyst Ed Moya said in a note. “Wall Street won’t have any answers anytime soon for the questions on when will inflation peak, how soon will we see a recession, and how high will the Fed raise rates?”
The consumer sentiment reading could be particularly important for investors, as Federal Reserve Chair Jerome Powell said that a surprise drop in the preliminary reading was one of the reasons the central bank hiked its benchmark interest rate by three-quarters of a percentage point earlier this month.
On the corporate front, shares of FedEx moved higher in extended trading despite a mixed fourth-quarter report after the logistics company delivered an upbeat earnings forecast. Carnival Cruise Line is scheduled to release a business updated on Friday morning.