HomeGlob NewsStock futures rise Thursday after S&P 500 posts 4-day losing streak: Live...

Stock futures rise Thursday after S&P 500 posts 4-day losing streak: Live updates

Stock futures rose Thursday as traders weigh earnings from chipmaker Nvidia and assess future potential Federal Reserve moves.

Futures tied to the Dow Jones Industrial Average added 79 points or 0.2%. S&P 500 futures gained 0.4%, and Nasdaq-100 futures jumped 0.7%.

Nasdaq futures got a boost from Nvidia, which rose more than 8% on better-than-expected fourth quarter earnings and revenue.

The S&P 500 is coming off its fourth straight losing session, dropping 0.2% on Wednesday. The Dow also fell, while the Nasdaq Composite posted a small gain.

The moves came after the Federal Reserve released the minutes of its most recent meeting, which concluded Feb. 1, showing that members of the central bank are resolved to keep fighting inflation with rate hikes.

Inflation “remained well above” the Fed’s 2% target and the labor market “remained very tight, contributing to continuing upward pressures on wages and prices,” according to the minutes.

“The Fed is determined to free up some slack in the labor market, to ensure that inflation doesn’t get entrenched at its current high level,” said Bill Adams, chief economist for Comerica Bank. “By mid-2023, year-over-year CPI inflation likely will have slowed to below the federal funds rate. But if inflation surprises to the upside again, or if the unemployment rate falls further, the Fed could hike more than in our forecast.”

More consumer earnings reports are due out Thursday morning, including Alibaba, Papa John’s, Wayfair and Bath & Body Works. After the bell, investors will hear from Beyond Meat, Block, Warner Bros. Discovery and Carvana, among others.

In economic data, traders are looking forward to the latest GDP and weekly jobless claims data, which are both scheduled to be released at 8:30 a.m. ET Thursday.

Additionally, Atlanta Fed President Raphael Bostic will speak at an event hosted by the Atlanta Fed Thursday morning. San Francisco Fed President Mary Daly will take part in a fireside chat in the afternoon.

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