United States stock futures remained largely unchanged on Thursday night (Friday AEDT) as markets struggled to build on the prior day’s Federal Reserve-driven rally.
By 9:30 am AEDT (10:30 pm GMT) Dow Jones Industrial Average futures were flat, while S&P 500 futures and Nasdaq 100 futures gained 0.1% apiece.
Several companies reported quarterly earnings after the closing bell. In extended trading, FedEx fell 5.2% after the logistics giant cut its full-year earnings guidance, now expecting revenues to be “flat to slightly down year over year”.
Micron Technology jumped 2.1% following a strong quarterly report and an upbeat revenue outlook.
Nike shed 4.8% despite posting better-than-expected quarterly results. However, the company said revenue fell 9% to $11.269 billion in the three months ended 28 February 2025, while diluted earnings per share slid 30% to $0.54.
It also projects a gross margin drop of 4 to 5 percentage points as it accelerates efforts to clear excess inventory and outdated styles that no longer appeal to consumers.
The muted movement followed a losing session for major benchmark averages. The Dow Jones Industrial Average fell 11.31 points, or 0.03%, the S&P 500 slipped 0.2%, and the Nasdaq Composite dropped 0.3%.
Despite the Federal Reserve maintaining its projection for two rate cuts this year, officials raised their inflation outlook and trimmed economic growth expectations. This shift heightened concerns about stagflation - a scenario where inflation rises while economic growth slows.
Uncertainty surrounding President Donald Trump’s tariff policies has also added to market jitters, with Fed Chair Jerome Powell cautioning that tariffs could “delay” inflation progress.
