S&P 500 futures slip after index posts third consecutive winning day: Live updates

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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.

Wholesale inflation reading due on Thursday

Traders are looking ahead to the producer price index, a measure of wholesale prices, due on Thursday morning.

Economists polled by Dow Jones anticipate the April's producer price index grew by 0.3% from the prior month. They also estimate that the core reading, which excludes food and energy prices, rose 0.3% in the period.

April's consumer price index helped lift investors' sentiment this week. Headline CPI climbed 0.2% for the month, bringing the 12-month inflation rate to 2.3%. The monthly result was in line with Dow Jones consensus estimates, while the 12-month reading came in slightly below the forecast for 2.4%.

–Darla Mercado

Stocks making the biggest moves in extended trading

Several stocks made major moves in after-hours action on Wednesday evening.

Foot Locker – Shares of the sports apparel retailer soared 67%. The Wall Street Journal reported, citing sources familiar with the matter, that Dick's Sporting Goods is closing in on a deal to buy the company for roughly $2.3 billion or about $24 per share. Shares of Dick's Sporting Goods slid about 6%.

Cisco Systems – Shares of the networking tech company jumped 2% after fiscal third-quarter results topped estimates. Cisco posted adjusted earnings of 96 cents per share on revenue of $14.15 billion, while analysts polled by LSEG sought 92 cents per share on revenue of $14.08 billion. Cisco's finance chief Scott Herren will also retire in July.

CoreWeave – The artificial intelligence infrastructure company saw shares fall about 6%. CoreWeave posted a loss of $1.49 per share, but beat the Street's estimates on first-quarter revenue. Revenue surged 420% in the quarter on a year-over-year basis. It's CoreWeave's first quarterly report since it debuted on the public markets.

Read more about after-hours movers here.

–Darla Mercado