Traders on the floor of the New York Stock Exchange, June 16, 2022.
US stock futures were flat on Thursday morning as investors digested the minutes of the latest Federal Reserve meeting.
Dow Jones Industrial Average futures rose 36 points, or 0.12%. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.21%, respectively.
GameStop shares rose 8% in extended trading after the video game retailer said a 4-for-1 stock split had been approved by its board of directors. The retailer said that when the market closes on July 18, shareholders will receive three additional shares for every GameStop’s Class A common share. The dividend will be distributed after trading closes on July 21.
Earlier today, the S&P 500 posted gains for the third consecutive day following the release of the June meeting minutes from the central bank. The broader market index added about 0.4%. Meanwhile, the Dow rose more than 69 points, or 0.2%. The Nasdaq Composite Index is up near 0.4%.
Stocks rose after the release of the minutes of the Federal Reserve’s June meeting. Central bank officials reiterated a tough anti-inflation stance, saying that another 50 or 75 point move would “likely be appropriate” at the July 26-27 meeting.
However, many investors found it difficult to trust these gains as recession fears persist on Wall Street, and as market participants look ahead to what many expect to be a choppy earnings season this month.
“Everyone is emotionally exhausted and kind of at a market level,” Ally McCartney, managing director of UBS Private Wealth Management, said Wednesday on CNBC’s “Closing Bell.” “So, I think we still have a summer where we’ll be watching what the Fed is doing, watching what’s happening in international politics, watching the CPI trend.”
On the economic front, traders will analyze the latest reports on weekly jobless claims and international trade due on Thursday before the bell.
Meanwhile, Levi Strauss is due to report earnings on Thursday after the bell rings.