Traders on the NYSE floor, June 16, 2022.
Source: NYSE
U.S. stock futures fluctuated little Wednesday night as investors digested the latest minutes of the Federal Reserve meeting.
Dow Jones Industrial Average futures rose 19 points, 0.1%. Futures S&P 500 and Nasdaq 100 were up 0.1% and 0.1%, respectively.
GameStop shares rose 8% in extended trading after the video game retailer said its board of directors approved a 4-by-1 stock split. Shareholders at the close of the market on July 18 will receive a dividend of three additional shares for each of GameStop’s Class A common shares, the retailer said. The dividend will be distributed once trading closes on July 21st.
Earlier in the day, the S&P 500 released its third consecutive earnings day following the publication of the minutes of the June meeting of the central bank. The broader market index rose almost 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite was up about 0.4%.
Shares rose after the minutes of the June meeting of the Federal Reserve were published. Central bank officials reiterated a tough stance against inflation, saying another move of 50 or 75 basis points “would probably be appropriate” at the July 26-27 meeting.
Still, many investors found it challenging to rely on those gains as worries about the recession continue to arise on Wall Street and as market participants looked at what many expect will be a volatile earnings season this month.
“Everyone is emotionally and market exhausted,” Alli McCartney, managing director of UBS Private Wealth Management, told CNBC’s “Closing Bell” on Wednesday. “So I think we still have a summer watching what the Fed does, watching what’s happening in international politics, watching the directionality of the CPI.”
In the economic field, traders will analyze the latest reports on weekly unemployment and international trade claims to be published on Thursday before the bell.
Meanwhile, Levi Strauss will report the gains on Thursday after the bell.