Stock market futures showed little movement on Thursday night as investors remained cautious ahead of crucial inflation data. Dow Jones Industrial Average futures edged up by 45 points, or 0.1%, while S&P 500 and Nasdaq 100 futures both rose by 0.2%. These slight gains come amid a turbulent February, marked by significant fluctuations across major indexes.
The S&P 500 has experienced a decline of 2.5% so far this week, reflecting ongoing market volatility. Similarly, the Dow has faced more modest losses, retreating by 0.4%. Both indices have seen a near 3% drop for the month. The technology-heavy Nasdaq Composite has been particularly affected, sliding approximately 5.5% in February. Nvidia, a key player in the tech sector, saw its shares fall by 8.5% during Thursday's session.
Investors are keenly awaiting the release of January data for the personal consumption expenditures (PCE) price index, which is expected to provide valuable insights into inflation trends. Economists surveyed by Dow Jones anticipate a 0.3% increase in the PCE from December, with an annualized gain of 2.5%. The core PCE, excluding volatile food and energy prices, is projected to rise by 0.3% month over month and 2.6% year over year.
Stocks in specific sectors have also experienced notable movements. Redfin, a real estate technology company, saw a sharp decline of 12% following a larger-than-expected loss per share in the fourth quarter. Conversely, Elastic, a data analytics firm, reported better-than-expected results for its fiscal third quarter, resulting in an 18% surge in its stock value.
Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, noted the current market conditions:
"February is seasonally a volatile period of time for stocks, and that historical trend is playing out right now," – Michael Landsberg
As stock futures remain near flat on Thursday night, investors continue to monitor economic indicators closely. The upcoming PCE data will likely influence market dynamics and investor sentiment in the coming days.