<figure id="attachment_2761395" aria-describedby="caption-attachment-2761395" style="width: 1600px" class="wp-caption aligncenter"><img loading="lazy" class="wp-image-2761395 size-full" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/05/17a673a0-walmart-reuters-310719-1.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-2761395" class="wp-caption-text">Walmart’s earnings, due before the bell, could gauge the state of the US consumer. (Reuters pic)</figcaption></figure>
NEW YORK: US stock index futures dipped slightly on Thursday, halting a three-day winning streak for the S&amp;P 500 as investors evaluated AI-related concerns and awaited retail bellwether Walmart&#8217;s quarterly results, expected to be released later in the day.
Walmart&#8217;s earnings, due before the bell, could serve as a gauge to understand the health of the US consumer.
The company&#8217;s shares were down 0.9% in premarket trading, while other megacap and growth stocks including Apple, Nvidia and Meta Platforms were trading lower after rising in the last session.
All three main US indexes ended higher on Wednesday as heavyweights including Nvidia, Amazon.com and other technology-related stocks gained some lost ground following recent jitters surrounding artificial intelligence.
Broader AI-linked and megacap technology stocks faced turbulence earlier this month amid concerns over high valuations and limited evidence that significant investments in AI were driving revenue and profit growth.
Sectors ranging from software to trucking were also hit as concerns grew that rapidly improving AI tools could disrupt their business models.
At 05:03 a.m. ET, Dow E-minis YMcv1 fell 123 points, or 0.25%, S&amp;P 500 E-minis EScv1 shed 16.25 points, or 0.24%, and Nasdaq 100 E-minis NQcv1 lost 80.25 points, or 0.3%.
In earnings, DoorDash climbed 12% after the food delivery company forecast first-quarter marketplace gross order value above Wall Street estimates.
EBay rose 7.8% after the company forecast first-quarter revenue above estimates and announced the acquisition of fashion marketplace Depop from Etsy. Etsy shares rose 14.4%.
Carvana dropped 16.5% after the online used-car retailer missed fourth-quarter profit estimates on higher costs.
Meanwhile, minutes from the US Federal Reserve&#8217;s most recent policy meeting released on Wednesday showed policymakers were in near-unanimous agreement last month to hold interest rates steady.
Policymakers remained split over their next steps, with &#8220;several&#8221; open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if it recedes in line with expectations.
&#8220;Under a divided committee, the bias will be toward keeping interest rates on hold for the remainder of (Fed Chair) Jerome Powell&#8217;s tenure,&#8221; Bernard Yaros, lead US economist at Oxford Economics, said in a note.
At least four central bank officials including Chicago Fed President Austan Goolsbee and Fed Vice Chair for Supervision Michelle Bowman are scheduled to speak through the day.
A reading of weekly jobless claims is also due later on Thursday, leading up to the personal consumption expenditure report &#8211; the Fed&#8217;s preferred inflation gauge &#8211; due on Friday.
In other stocks, US energy companies including Exxon Mobil and Chevron were slightly up as crude oil prices rose on mounting fears of a military conflict between the United States and Iran.
Occidental Petroleum climbed 3.7% after the US shale producer beat fourth-quarter profit expectations.

MatchPoint Times

US stock futures slip as focus turns to AI worries, Walmart earnings

Apple, Nvidia, and Meta Platforms shares fell on AI concerns, while Walmart dropped 0.9% in premarket trading ahead of its quarterly results.

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