US stock futures were flat on Wednesday night after all three major averages ended higher in the daily trading session.
Dow Jones Industrial Average futures were down 7 points, or 0.02%. S&P 500 and Nasdaq 100 futures rose 0.11% and 0.09%, respectively. Shares of Nvidia fell more than 2% after a quarterly report that missed Wall Street expectations. Salesforce fell more than 4% after the company provided a disappointing forecast for fiscal 2023. Snowflake jumped 16% after reporting a rise in revenue.
The Dow Jones Industrial Average gained 59.64 points, or 0.18%, and the S&P 500 rose 0.29% on Wednesday. For both averages, gains snapped a three-day losing streak. The tech-heavy Nasdaq Composite also rose 0.41%.
The market action comes as investors await the start of the Jackson Hole Economic Symposium, which begins Thursday with remarks by Federal Reserve Chairman Jerome Powell scheduled for the following morning. Traders will be listening for more information on how the central bank will combat high inflation and whether policymakers may cut rates when the current hike cycle ends.
“It’s steady, it’s too early for the Fed to consider a pivot,” Jim Bianco, president of Bianco Research, told CNBC’s “Fast Money.”
Investors are also looking ahead to key economic reports due later in the week, including jobless claims on Thursday and personal consumption expenditures on Friday. The PCE report is one of the Fed’s favorite measures of inflation and could influence its actions going forward.
Peloton reports quarterly earnings Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close on Thursday.