The S&P 500 pulled back Wednesday and snapped a four-day winning streak even as the Dow Jones Industrial Average closed at a record high. Futures for all three major indices moved early Thursday, while Federal Reserve Governor Lisa Cook said she remains ready to back a rate hike if inflation stays elevated.
S&P 500 futures climbed 0.14% early Thursday, a day after the index slipped and broke its four-day winning streak. Dow futures added 178 points, or 0.33%. Nasdaq 100 futures fell 0.48% as traders looked toward another round of corporate earnings.
Dow sets record as S&P 500, Nasdaq retreat
In regular trading, the Dow rose 263.24 points, or 0.49%, marking a record close and its fifth straight positive session. The S&P 500 pulled back 0.17%. The Nasdaq Composite dropped 0.83%.
Wall Street is looking ahead to another busy day of earnings on Thursday, with Warner Bros. Discovery reporting before the bell and Airbnb and Lyft due after the close. Investors have also been encouraged by signs that tensions in the Middle East could ease, which has put oil on a cooling trend in recent days.
Fed's Cook signals readiness to raise rates
Inflation is still in focus for Federal Reserve Governor Lisa Cook. She said Wednesday she is "prepared to act" on a rate hike unless signs of continued disinflation emerge. She said the risk grows that higher inflation may become entrenched in price- and wage-setting behavior the longer it stays above target.
Weekly jobless claims are due Thursday morning, but the main event will be July's payrolls report, out Friday.
Asia slides on tech selloff, Europe holds steady
In Asia, Japan's Nikkei 225 closed 0.93% lower. South Korea's Kospi dropped 4.58%. Australia's S&P/ASX 200 rose 0.47%. Mainland China's CSI 300 closed 0.15% lower.
European stocks, however, opened in broadly positive territory Thursday, and tech shares stabilized on the continent after the sell-off in Asia.
Source: CNBC
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