S&P 500 futures slip after index posts third consecutive winning day: Live updates
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 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 about 0.1%. Dow Jones Industrial Average futures fell 173 points, or 0.4%.
In after-hours trading, shares of Foot Locker surged more than 60% 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. UnitedHealth slid 8% after the Journal reported, citing people familiar, that the Justice Department is probing the insurer. A UnitedHealth spokesman later told CNBC that the insurer has not been notified by the DOJ of the “supposed” investigation reported.
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%. It was also the sixth straight winning day for the tech-heavy index. 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.
