Dow futures tick higher, Nasdaq continues decline
Investing.com — US stock futures were trading slightly higher on Wednesday evening, even as the Nasdaq Composite recorded a fourth consecutive trading day of losses.
By 6:30 am ET (11:30 pm GMT) Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures were each trading 0.1% higher.
In extended deals, Resources Connection (NASDAQ:RGP) added 4% after the company reported Q2 EPS of $0.28 versus $0.17 expected, while revenues came in at $163.1 million versus $161.92 million.
During Wednesday's regular session, all three major averages concluded closed in the red. The Dow, composed of 30 stocks, plummeted nearly 300 points, equating to a 0.8% drop. The S&P 500 also experienced a 0.8% decline. The Nasdaq Composite posted a loss exceeding 1%, marking its fourth consecutive day of losses.
Large-scale tech stocks like Apple have had a lackluster start to the year, with overinflated valuations and uncertainty surrounding the Federal Reserve's timeline for rate cuts causing investor apprehension. Concerns are mounting that markets may have become overly optimistic. For instance, Apple shares (NASDAQ:AAPL) have declined by more than 4% this week.
In 2023, the S&P 500 rallied over 24%, culminating in its best weekly win streak since 2004. The Nasdaq Composite soared by 43%, achieving its best year since 2020.
On the economic front, the December ADP private payrolls report is expected to be released on Thursday morning. Economists surveyed by Dow Jones anticipate an increase of 130,000 from the previous month's 103,000.
Meanwhile, Walgreens Boots Alliance Inc (NASDAQ:WBA) is slated to announce its earnings on Thursday before the market opens.
on the bond markets, United States 10-Year rates were at 3.92%.
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