United States stock futures slipped modestly in Wednesday's overnight trading (Thursday AEST) as optimism surrounding a temporary suspension in the U.S.-China tariff dispute began to cool.
By 9:25 am AEST (11:25 pm GMT) Dow Jones Industrial Average futures fell 0.4%, S&P 500 futures dipped 0.2%, while Nasdaq-100 futures edged down 0.1%.
In extended deals, Foot Locker surged 69.2% following a Wall Street Journal report that Dick’s Sporting Goods is nearing a US$2.3 billion acquisition of the sportswear retailer, valuing shares at around US$24. Dick’s Sporting Goods fell 5.3% on the news.
Cisco Systems added 2.7% after topping fiscal third-quarter estimates with earnings of $0.96 per share on US$14.15 billion in revenue. Analysts had forecast earnings per share (EPS) of $0.92 and revenue of US$14.08 billion. The company also announced CFO Scott Herren will depart in July.
CoreWeave slid 7.1% as the AI infrastructure firm reported a Q1 loss of $1.49 per share, but exceeded revenue expectations.
Boot Barn jumped 16.3% after issuing upbeat guidance for the current quarter. For the first fiscal quarter ending June 28, 2025, the Company expects EPS in the range of $1.44 to $1.52 and revenue between $483 million and $491 million.
DXC Technology dropped 15.2% after guiding fiscal Q1 earnings below consensus. The IT services provider forecast adjusted EPS between $0.55 and $0.65.
Investor sentiment had been buoyed earlier in the week after the Trump administration and Chinese officials agreed to temporarily suspend escalating tariffs, easing concerns of a near-term economic slowdown and inflationary pressures.
Further supporting sentiment was Tuesday’s consumer inflation report, which showed the annual inflation rate easing to its lowest level since February 2021, while core prices rose just 0.2% - slower than the 0.3% anticipated.
Investors will closely monitor reports on the producer price index, retail sales, industrial production, and weekly jobless claims, as well as fiscal Q1 earnings from Walmart, the largest U.S. retailer.
