US stock futures slid back on Thursday as investors waited for fresh retail sales and wholesale inflation data to shed light on the health of the economy, with a Jerome Powell speech and earnings from Walmart (WMT) on deck.
Futures on the S&P 500 (ES=F) dropped 0.5%, while Dow Jones Industrial Average futures (YM=F) dropped around 0.4%. Contracts on the Nasdaq 100 (NQ=F) tumbled 0.7%, coming off a sixth upbeat session for tech stocks in a row.
Markets are on watch for the next catalyst now the US-China trade-truce euphoria has faded. On Thursday, President Trump said India has offered to “literally charge us no tariffs” on US goods to help clinch a trade deal.
Closer to home, eyes are on April’s data on retail sales for a glimpse into how the US consumer and economy are holding up in the face of President Trump’s fast-changing trade policies. Quarterly results from Walmart, due before the bell, will provide an additional litmus test for how retailers are navigating the tariff uncertainty.
41,996.00
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As of 5:49:34 AM EDT. Market Open.
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Also ahead, investors get a pulse check on inflation with the release of April’s Producer Price Index (PPI). The Consumer Price Index (CPI) update this week showed inflation pressures easing as Trump’s tariffs kicked off.
Fed policymakers have stressed they are watching for incoming data to provide a clearer picture of the state of the economy amid the “noise” of tariffs. Investors will listen closely to Chair Jerome Powell’s remarks at a conference in Washington for any hints to Fed thinking on interest rates amid the tariffs fallout.
Read more: The latest on Trump’s tariffs
In earnings, results from Cisco (CSCO) and CoreWeave (CRWV) hinged on expectations that AI spending will keep booming. Cisco raised its annual forecast based on AI driving up demand, and its shares rose in after-hours trading. Coreweave also issued a bullish outlook citing the AI frenzy, which initially sent its stock higher, but the company later blew past Wall Street expectations for capital expenditures, and its stock sank.
Beyond Walmart, companies set to report earnings on Thursday include retail giant Alibaba (BABA), Applied Materials (AMAT), and Cava (CAVA).
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