US stock futures showed little movement following a sharp sell-off in technology shares.
Contracts tied to the Dow Jones Industrial Average (YM=F) edged up 0.1%, while S&P 500 futures (ES=F) hovered near unchanged levels. Nasdaq 100 futures (NQ=F), tracking the tech sector, remained largely steady.
US stocks closed mostly lower on Tuesday as weakness in major tech names weighed on the market. Palantir (PLTR), AMD (AMD), and Nvidia (NVDA) all slumped, dragging the Nasdaq down more than 1% and fueling concerns that enthusiasm for Big Tech may be fading while other corners of the market start to pick up momentum. On the upside, Home Depot (HD) advanced after reporting stronger US sales in its latest earnings release.
Investors will get a deeper look at the state of retail later this week, with Target (TGT) reporting results Wednesday and Walmart (WMT) on Thursday. Their updates will provide fresh insight into how businesses and consumers are contending with tariffs imposed under President Trump. Walmart’s prior earnings call turned into a flashpoint on trade after the retailer cautioned that prices could rise, prompting Trump to push back, saying the company should “eat the tariffs.”
The biggest spotlight for markets arrives Friday, when Federal Reserve Chair Jerome Powell speaks at the Jackson Hole symposium in Wyoming. Traders are looking for clarity on the Fed’s stance toward possible rate cuts, with policymakers walking a fine line between cooling inflation and signs of a softening labor market. Ahead of that, minutes from the Fed’s July meeting, set for release Wednesday, will set the stage. At that gathering, officials left interest rates unchanged and emphasized that no decisions had been made on September’s policy move, despite Trump’s public pressure for cuts.