Stock market futures were slightly higher on Thursday as investors tried to regain their footing, a day after the Dow Jones Industrial Average began a five-day winning streak.
Dow futures were up 23 points, or 0.07 percent. S&P 500 futures gained 0.15%, while Nasdaq 100 futures added 0.18%.
Investors continue to watch retail earnings for consumer health awareness, which continued Thursday with wholesale reports from Kohl’s, Bath & Body Works and BJ’s. Cole’s shares slipped in premarket trading after the company cut its guidance.
On Wednesday, the Dow fell 172 points, or about 0.5 percent. The S&P 500 fell 0.7% for its first negative session in four. The relative performance of the Nasdaq Composite plunged 1.25%. The tech-heavy index and the S&P 500 are now both on track to snap four-week winning streaks.
Those moves came as traders analyzed the minutes from the Federal Reserve’s July meeting. While the central bank is committed to fighting inflation, it has indicated that it will adjust the rate of tightening based on market conditions.
After July’s consumer price index reading showed inflation had slowed slightly, investors had hoped the Fed could slow the pace of rate hikes. But not everyone believes him.
“We’re in the camp where the Fed doesn’t rule,” Scott Warren, senior global market strategist at Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.” “The minutes didn’t change our mind at all. We think the September 75 basis point could be higher, and we’ll see more hikes at the end of the year … We think the market is a little bit higher here,” he added.