US Stock Futures Pull Back Amid Continued Focus on Interest Rate Outlook

US Stock Futures Pull Back Amid Continued Focus on Interest Rate Outlook

US stock futures fell in evening deals on Thursday after Wall Street notched strong gains during the session, as some signs of cooling inflation drummed up optimism over falling interest rates in 2024.

PCE price index data- the Federal Reserve’s preferred inflation gauge- eased slightly in January, as expected. The print spurred some bets that the Fed will begin cutting rates by June- which in turn sparked a rally on Wall Street.

But given that inflation remained well above the Fed’s 2% annual target, doubts remained over the timing of the central bank’s potential cuts. A slew of Fed officials reiterated their warnings over inflation remaining sticky, while the CME Fedwatch tool only showed a mild increase in bets on a June rate cut.

S&P 500 Futures fell 0.2% to 5,095.00 points, while Nasdaq 100 Futures fell 0.2% to 18,049.50 points by 18:42 ET (23:42 GMT). Dow Jones Futures fell 0.1% to 38,991.0 points.

Wall St clocks Feb gains as tech stocks rally

Wall Street indexes rose on Thursday, with the NASDAQ Composite leading gains on month-end buying into heavyweight tech stocks, which saw some consolidation this week. Market darling NVIDIA Corporation (NASDAQ:NVDA) rose 1.9% during the session.

Gains in tech were the biggest driver of a Wall Street rally over the past four months, amid growing optimism that demand for artificial intelligence will boost the sector.

The S&P 500 rose 0.5% to a record closing high of 5,096.27 points on Thursday, while the NASDAQ Composite surged 0.9% to a record closing high of 16,091.92 points. The Dow Jones Industrial Average lagged, rising only 0.1% to 38,996.39 points.

Gains in the Dow were held back by losses in Walmart Inc (NYSE:WMT) and Boeing Co (NYSE:BA), as the former grappled with weak earnings from other retailers, while reports said Boeing was being investigated by the DOJ.

All three U.S. benchmarks rose between 1.9% and 6.5% through February- their fourth straight month of gains.

Dell leads after-hours gains, Fisker tumbles on going concern doubts

Among stocks moving after the close, tech infrastructure firm Dell Technologies Inc (NYSE:DELL) surged nearly 18% on stronger-than-expected earnings and guidance.

NetApp Inc (NASDAQ:NTAP) soared 15% on a strong outlook for 2024.

On the other hand, electric vehicle maker Fisker Inc (NYSE:FSR) plummeted 35% after it warned of a substantial doubt over its ability to stay afloat. The firm said it will cut its workforce by 15% and was in talks with a large automaker over a potential investment.

Kinetik (NYSE: KNTK) Reports Stellar Financial Year, Projects Strong Growth for 2024

Kinetik (NYSE: KNTK), a prominent figure in the energy sector, has concluded a prosperous financial year marked by a remarkable achievement in adjusted EBITDA, soaring to $839 million, coupled with a record-breaking surge in processed gas volumes. Eyeing the horizon, the company has unveiled its financial projections for 2024, anticipating an adjusted EBITDA ranging from $905 million to $960 million, and a robust growth trajectory of over 10% in gas processing volumes year-over-year.

Kinetik’s forward-looking strategy has been instrumental in its success, with key initiatives such as the Delaware Link pipeline and the expansion of the Permian Highway Pipeline, complemented by their foray into New Mexico, strategically positioning them for sustained growth. Additionally, the company underscores the pivotal role of natural gas in meeting global energy demands and reaffirms its commitment to shareholders by maintaining a robust dividend payout, with a quarterly dividend of $0.75 per share declared.

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