Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 14, 2025. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
S&P 500 futures slipped in overnight trading after the broad market index 500 strung together a third consecutive advance in reaction to the Trump administration and China hammering out a temporary suspension of their tit-for-tat tariff dispute.
Futures tied to the S&P 500 were down 0.2%, while Nasdaq-100 futures lost 0.1%. Dow Jones Industrial Average futures fell 154 points, or nearly 0.4%.
In after-hours trading, shares of Foot Locker surged 67% after The Wall Street Journal reported, citing people familiar with the matter, that Dick’s Sporting Goods is closing in on a deal to buy the company for roughly $2.3 billion. Shares of Cisco Systems rose 2% after third-quarter results topped estimates.
Confidence in the immediate outlook for stocks has strengthened in the wake of last weekend’s talks between Treasury Secretary Scott Bessent and Chinese officials that appeared to stave off a short-term decline in economic activity and a ratcheting up in inflation. The enthusiasm mostly continued Wednesday, with the S&P 500 advancing 0.1% and the Nasdaq Composite rising 0.7%. The 30-stock Dow slipped 0.2%.
Tech giants are putting up a strong showing week to date: Nvidia and Tesla are both up more than 16%, and Meta Platforms has added 11.3% in the period. Amazon and Alphabet are both up more than 8% each. The Nasdaq Composite is higher by 6.8% this week, trailed by the S&P 500, ahead 4.11%, and the Dow, up 1.9%.
Sentiment was bolstered Tuesday by the latest reading on consumer inflation showing prices rising at a slower pace than Wall Street economists had expected. Inflation increased by 0.2% in April excluding food and energy, below the consensus estimate of 0.3%.
Traders will look for further signs of a steady economy on Thursday, when the producer price index, retail sales and industrial production numbers for April are released before the stock market opens. Weekly jobless claims are also slated for release.
Also due out: earnings for the fiscal first-quarter from Walmart, the nation’s largest retailer.
