Equity futures were lower in early morning trading on Thursday after major averages ended Wednesday’s regular session lower and U.S. Treasury yields rose.
Dow Jones Industrial Average futures slid 53 points, or 0.16%. S&P 500 and Nasdaq 100 futures were 0.18% and 0.28% lower, respectively.
Shares of Five Below fell more than 8% in extended trading after first-quarter sales were weaker than expected and the retailer shared a weak outlook for the current period.
In regular trading Wednesday, the Dow Jones Industrial Average fell 269.24 points, or 0.81%, to 32,910.90, while the S&P 500 lost 1.08% to close at 4,115.77. The Nasdaq Composite slipped 0.73% to end at 12,086.27.
On Wednesday, investors continued to look for signs of slowing economic growth ahead of May’s consumer price index reading scheduled for Friday. The data is expected to be slightly lower than the April figures and could indicate that inflation has peaked.
Meanwhile, the bond market gave investors little hope as the 10-year Treasury yield topped the 3% mark. Oil prices also hit a 13-week high, with U.S. West Texas Intermediate crude rising 2.26% to settle at $122.11 a barrel.
Ten of the 11 S&P sectors ended the day negative, dragged down by real estate. Energy, meanwhile, closed at its highest level since 2014.
During regular trading on Wednesday, Intel shares slid more than 5% and dragged the Dow down 30 shares after the company warned of weakening demand for semiconductors. Chinese tech stocks rose, with JD.com adding nearly 8% and helping to limit Nasdaq’s losses. After a strong quarterly earnings report, Campbell Soup added 1.5%.
Fundstrat’s Tom Lee told CNBC’s “Closing Bell: Overtime” on Wednesday that the likelihood of a soft landing from the Federal Reserve is rising and stocks have priced in “almost a full recession.”
“I think there’s a series of hikes ahead, but it’s really the Fed being more hawkish than expected that has the markets worried,” he said.
Initial unemployment claims and earnings from Nio, DocuSign and Rent the Runway are on deck for Thursday.
Stock futures are lower after Wall Street posts a two-day winning streak
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