Stock-market futures bouncing back after Fed disappointment sparks selloff
U.S. stock-index futures on Thursday indicated a mixed start for Wall Street, a day after Federal Reserve Chairman Jerome Powell dampened expectations for further interest rate cuts, following the central bank’s first rate cut in more than a decade on Wednesday.
The Dow DJIA, -1.23% and S&P 500 SPX, -1.09% on Thursday suffered their biggest one-day percentage losses since May 31. The Dow ended Thursday with a loss of 333.75 points, or 1.2%, at 26,864.27, while the S&P 500 fell 32.8 points, or 1.1%, to close at 2,980.38. The Nasdaq COMP, -1.19% fell 98.19 points to 8,175.42, a drop of 1.2% — the biggest one-day fall for the tech-heavy gauge since June 25.
Weekly jobless claims showed little sign of labor-market weakening, after the Labor Department estimated that 215,000 Americans applied for jobless benefits in the week ended July 27. That’s a bit higher than the 210,000 predicted by economists, per a MarketWatch poll, but still at historically low levels.
Shares of Dunkin’ Brands Group Inc. DNKN, -1.76% were expected to be in focus after reporting a second-quarter profit and Dunkin’ same-store sales that beat expectations, while revenue and Baskin-Robbins same-store sales missed.
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