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Traders work on the floor of the New York Stock Exchange during morning trading on January 22, 2025 in New York City.
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Stock futures were little changed early Thursday with Wall Street on the verge of new record highs.
Futures for the S&P 500 slipped around 0.11%. Dow Jones Industrial Average futures ticked down 25 points, or less than 0.1%, while Nasdaq 100 futures lost about 0.21%.
The calm moves in futures come after a Wednesday trading session that saw the S&P 500 set an intraday record high on Wednesday. The broad market index finished the day with a gain of 0.61%, just below its record closing high, for a third-straight winning session.
The Nasdaq Composite and Dow also rose on Wednesday, finishing up 1.28% and 0.30%, respectively. Both of those averages are within striking distance of new highs.
The stock market is getting a boost from excitement about potential tax cuts and deregulation under President Donald Trump, as well as signs of resilient economic growth.
The fourth-quarter earnings season is also off to a strong start, with Netflix climbing more than 9% in Wednesday's trading after reporting a blowout quarter. Alaska Air and Knight-Swift Transportation were both higher in after hours trading after earnings beats. Reports from GE Aerospace and American Airlines are due out before the opening bell on Thursday.
"Forward earnings estimates continue to make new highs. There's been a lot of discussion about the elections, and then post-elections and the Fed, and is the economy growing too fast or too slow. One thing that's been remarkably resilient is forward earnings estimates, and we're off to a good start as well," Keith Lerner, co-CIO and chief market strategist at Truist, said on Wednesday's "Closing Bell: Overtime."
Investors will also get updated readings on the economy Thursday. Initial jobless claims are due out before the opening bell, followed Kansas City Fed manufacturing data later in the day.
Knight-Swift, Alaska Air rise after earnings
Earnings reports were driving notable after hours stock moves on Wednesday.
Knight-Swift Transportation — Shares of the transport company gained more than 5% after fourth-quarter results showed improved operating margins. Knight-Swift reported an adjusted 36 cents in earnings per share, above the 33 cents expected by analysts, according to LSEG.
Alaska Air — The airline stock rose 3% after fourth-quarter results topped estimates on the top and bottom lines. Alaska reported positive net income of $71 million for the quarter after booking a loss a year ago.
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— Jesse Pound
Electronic Arts falls after guidance cut
Even a strong earnings season will have some negative outliers, and Electronic Arts may be one of those for this cycle.
The video game publisher cut its net bookings guidance for the most recent quarter and its full fiscal year, which ends March 31. EA cited weakness in its Global Football franchise as a reason for the guidance change.
Shares of the company were down more than 10% in extended trading.
Shares of Electronic Arts fell sharply in after hours trading Wednesday.
— Jesse Pound
Stock futures open flat
Stock futures were little changed at 6 p.m. in New York. Nasdaq 100 futures were down about 0.1%, while futures for the S&P 500 and Dow were both near the flatline.
— Jesse Pound
English (US)