A trader works at the New York Stock Exchange on September 28, 2023.
Brendan McDermid | Reuters
S&P 500 futures were little changed Thursday evening after the broad market index ended an eight-day winning streak.
S&P 500 Futures fell 0.05%, while Nasdaq 100 Futures fell almost 0.2%. Futures linked to Dow Jones Industrial Average blinked near the flat line.
In action after hours, the Trade Desk faint nearly 30% after the digital advertising company offered weak fourth-quarter revenue guidance. Elsewhere, hydrogen fuel cell company power plug plummeted 25% due to a larger-than-expected third-quarter loss and a revenue miss.
During Thursday's operations, the S&P 500 fell 0.8% and broke its longest winning streak since 2021. Nasdaq Composite fell 0.9%, ending a nine-day winning streak, also its longest winning streak in two years. The action of 30 Dow fell almost 0.7%.
Stocks sold off after Federal Reserve Chairman Jerome Powell said the central bank is "suspiciously" has already done enough in the battle against inflation.
"The Federal Open Market Committee is committed to achieving a monetary policy stance that is sufficiently restrictive to reduce inflation to 2 percent over time; we are not confident that we have achieved such a stance," he said in prepared remarks at a international meeting. Monetary Fund event.
Bond yields rose as stocks fell following Powell's speech.
"The bond market itself is typically much smarter than the stock market when it comes to predicting rates," said Kevin Simpson, founder of Capital Wealth Planning and chief investment officer at CNBC. "Closing bell" Thursday.
The investor said he is managing his portfolios under the expectation that rates will stay "higher for longer."
"The Fed is not going to cut rates...We have to prepare for a market that will have higher rates through early 2025," Simpson said.
As the week winds down, the S&P 500 and Dow are set to suffer modest losses of 0.3% and 0.5%, respectively. The Nasdaq is up a modest 0.3% so far this week.
In the world of economic data on Friday, the market will be watching preliminary consumer confidence data for November for insight into consumer health.
Wall Street will also listen closely to several comments from central bank officials, including San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic and Dallas Fed President Raphael Bostic. Lorie Logan.
