Traders work at the New York Stock Exchange on December 7, 2023.
Brendan Mcdermid | Reuters
U.S. stock futures were little changed Wednesday night after the Nasdaq Composite fell for the fourth consecutive day of trading.
Dow Jones Industrial Average Futures rose 35 points, or 0.09%. S&P 500 Futures and Nasdaq 100 Futures they rose 0.09% and 0.1%, respectively.
Wall Street is coming off a dismal trading session, with all three major averages closing Wednesday with losses. The action of 30 Dow fell almost 300 points, or 0.8%, while the S&P 500 fell 0.8%. The tech-heavy Nasdaq Composite posted its fourth consecutive session of losses, falling more than 1%.
Mega Cap Tech Stocks Like Apple are performing poorly to start the year, as overblown valuations and uncertainty over when the Federal Reserve will begin cutting rates have investors worried that markets have become too optimistic. Apple shares have fallen more than 4% this week.
In 2023, the S&P 500 rose more than 24%, ending its best streak of weekly gains dating back to 2004. The Nasdaq Composite jumped 43%, posting its best year since 2020.
"You've got positioning, you've got sentiment, that's all pretty over the top," Anastasia Amoroso, chief investment strategist at iCapital, said on CNBC.Closing bell" on Wednesday. "And I think after this really strong end to the year that we've had, we should get some of the payback."
On the economic front, the ADP Private Payrolls Report for December It will be out on Thursday morning. Economists surveyed by Dow Jones expect an increase of 130,000 last month, up from 103,000 the previous month.
Walgreens Boot Alliance It is scheduled to release its results on Thursday before the opening.
