U.S. stock futures were little changed early Wednesday as investors prepared for a series of economic reports and corporate earnings to conclude a tumultuous month of trading. Futures for the Dow Jones Industrial Average were off 0.15%, while S&P 500 futures added 27 points, or 0.07%. Nasdaq-100 futures lost 0.29%.
The major averages ended Tuesday higher after Commerce Secretary Howard Lutnick announced that the White House was close to finalizing a significant trade deal, though the partnering country was not specified. President Donald Trump later commented that negotiations were “coming along great” and anticipated a forthcoming agreement. In the previous session, the 30-stock Dow climbed 300 points, while the S&P 500 gained 0.58%.
This marked the sixth consecutive winning day for both indexes, the longest such streak since July for the Dow and since November for the S&P 500. The tech-heavy Nasdaq Composite rose by 0.55%. April has been a rocky month for markets.
President Trump’s sweeping “reciprocal” tariff announcement on April 2 initiated a phase of volatile trading. However, the major averages have gradually reduced the month’s losses. The S&P 500 saw significant fluctuations, and though it was down 0.9% for the month as of mid-April, it managed to climb back.
The Dow is on pace for a 3.5% loss in April, while the Nasdaq is about 0.9% higher.
Economic reports impact stock futures
Treasury Secretary Scott Bessent noted, “Individual investors have held tight, while institutional investors have panicked” during the recent market turmoil.
Mom-and-pop investors have remained net buyers. Investors are bracing for a slew of high-stakes economic reports on Wednesday that could influence the market’s next move. The first reading of the first quarter’s gross domestic product (GDP) is expected to show a flat annualized growth rate, adjusted for seasonality and inflation, according to Dow Jones estimates.
Several Wall Street banks have already revised their GDP forecasts, anticipating negative growth. The personal consumption expenditures (PCE) price index for March is also due in the morning. Economists polled by Dow Jones forecast no gain for March and a 2.2% reading for headline inflation.
The PCE is closely monitored by the Federal Reserve as one of its preferred inflation metrics. In other developments, several companies made headlines after Tuesday’s market close. Shares of Starbucks slipped 4% after the company reported its fiscal second quarter results, reflecting a decline in same-store sales for the fifth consecutive quarter.
Starbucks posted adjusted earnings per share of 41 cents on $8.76 billion in revenue, below analysts’ expectations of 49 cents in earnings per share on $8.82 billion in revenue. Similarly, shares of First Solar dropped 10% after the company offered weak guidance for the full year, projecting earnings between $12.50 and $17.50 per share, against analysts’ expectations of $18.14 per share. Shortly after 6 p.m. ET, stock futures were mixed.
Futures for the S&P 500 and the Dow Jones each slipped about 0.1% and 0.3%, respectively, while Nasdaq-100 futures added about 0.1%.
