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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023.
Brendan Mcdermid | Reuters
U.S. stock futures inched higher on Thursday night after the Nasdaq Composite slipped further into correction territory.
Nasdaq 100 futures climbed 0.5%. Futures tied to the S&P 500 advanced 0.3%, while Dow Jones Industrial Average futures rose 65 points, or 0.2%.
In after-hours action, Amazon added more than 4% after the e-commerce giant trounced analysts' expectations for revenue and earnings in the third quarter. Ford stock dropped 4% after the company missed third-quarter earnings expectations and pulled its guidance for the year, citing the UAW strike.
During Thursday's regular trading, the tech-heavy Nasdaq Composite shed 1.76%. The action comes after the index slid into correction territory on Wednesday. The Nasdaq is now down more than 12% since its high close for the year in July.
The S&P 500 ended the day 1.18% lower — 9.8% off its closing high for the year in July and teetering dangerously close to correction territory. The Dow shed 251.63 points, or 0.76%, seeing its sixth negative session in seven.
Further downside could be ahead for the market, rather than a year-end rally, according to Sonia Meskin, head of U.S. macro at BNY Mellon Investment Management. "We're actually a bit less sanguine on equities," she said on CNBC's "Closing Bell." "We think around 4,000 for the S&P [year end] is our central expectation." She noted that there is some uncertainty around this view, however.
On a weekly basis, the 30-stock Dow is down about 1%, while the S&P 500 is off 2%. The Nasdaq is down about 3% and on pace for its third straight losing week.
Investors are looking ahead to what could be the next catalyst for stocks on Friday: the personal consumption expenditures reading for September. The PCE is the Federal Reserve's preferred inflation gauge. Economists are calling for a core PCE increase of 0.3% in September, and a year over year increase of 3.7%, according to Dow Jones.
In terms of earnings, Chevron and Exxon Mobil are set to report earnings Friday before the bell.
10 out of 11 sectors are set to end this month in the negative
Eight out of the 11 sectors ended Thursday's trading session in negative territory. The communication services sector was the laggard, sliding 2.58%, while real estate was the best performer, up 2.15%.
Eight sectors are also negative on the week, again led to the downside by communication services. The sector is down 6.38%, on pace to post its worst weekly performance since February of this year. Utilities, which is up 3.11%, is the best-performing sector so far on the week.
Continuing this theme, 10 sectors are set to close the month in negative territory. Consumer discretionary is down the most at 7.93% month to date, on pace for its worst monthly performance since December 2022. Utilities, up 1.53%, is the best-performing sector this month.
— Lisa Kailai Han, Christopher Hayes
The major averages are on pace for three straight losing months
Stocks are limping through the fall, and all three of the major averages are poised to post their third consecutive month of declines.
In October, the S&P 500 is down 3.52%. The Nasdaq Composite is off 4.72%, and the Dow Jones Industrial Average is down 2.16%.
If the month ends with losses for the indexes, it'll be the first time the Dow and the S&P 500 have had three straight months of declines since March 2020.
The last time the Nasdaq fell for three consecutive months was back in June 2022.
-Darla Mercado, Chris Hayes
Stocks making the biggest moves after the bell: Intel, Amazon and more
These are the stocks moving the most in after-hours trading:
Amazon — The e-commerce giant's shares gained 3.8% after beating analysts' forecasts on the top and bottom lines in the third quarter.
Intel — The stock traded nearly 9% higher in post-market hours after the semiconductor chip manufacturer beat third-quarter earnings.
Chipotle Mexican Grill — The burrito chain gained more than 2% in extended trading on the back of earnings results that beat what Wall Street was expecting, based on a survey of analysts by LSEG.
Read the full list of stocks moving here.
— Lisa Kailai Han
English (US)