Stock futures slide slightly after 400-point rally in the Dow Jones

Equity futures advanced lower on Wednesday night after major averages broke a two-day decline, helped by strong earnings and stronger economic reports for June and July prompting investors to look beyond the possibility. of a recession.

Futures linked to the Dow Jones Industrial Average fell 23 points, or 0.07%. S&P 500 futures fell 0.1% and Nasdaq 100 futures lost 0.2%.

In regular trading hours, all three major averages finished the day higher. The Dow advanced more than 400 points, while the S&P 500 hit its highest level since June. The tech-heavy Nasdaq Composite jumped about 2.5%.

Investors got the green light to get back into battered tech names after an unexpected rebound in July’s services PMI and comments from St. Louis Fed President James Bullard. Bullard said he doesn’t think the United States is in a recession, citing job creation and low unemployment.

“US-China tensions remain high and the Fed continues to speak harshly on inflation, but the gains were enough to catalyze the next stage of the rally,” according to Barclays. “A wave of tech quarterly releases came in better than expected, and the [technology, media and entertainment, and telecommunications] Complex led the S&P 500 to a new QTD high.

Investors will see another batch of gains on Thursday. Eli Lilly, Kellogg, Alibaba and ConocoPhillips are among those scheduled to report quarterly results before the bell.

In economic data, investors are eagerly awaiting weekly jobless claims in the morning. Federal Reserve Bank of Cleveland President Loretta Mester speaks at the Economic Club of Pittsburgh.

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