US stock futures slid back on Thursday as investors waited for fresh retail sales and wholesale inflation data to shed light on the health of the economy, with a Jerome Powell speech and earnings from Walmart (WMT) on deck.
Futures on the S&P 500 (ES=F) dropped 0.5%, while Dow Jones Industrial Average futures (YM=F) dropped around 0.4%. Contracts on the Nasdaq 100 (NQ=F) tumbled 0.7%, coming off a sixth upbeat session for tech stocks in a row.
Markets are on watch for the next catalyst now the US-China trade-truce euphoria has faded. On Thursday, President Trump said India has offered to “literally charge us no tariffs” on US goods to help clinch a trade deal.
Closer to home, eyes are on April’s data on retail sales for a glimpse into how the US consumer and economy are holding up in the face of President Trump’s fast-changing trade policies. Quarterly results from Walmart, due before the bell, will provide an additional litmus test for how retailers are navigating the tariff uncertainty.
Also ahead, investors get a pulse check on inflation with the release of April’s Producer Price Index (PPI). The Consumer Price Index (CPI) update this week showed inflation pressures easing as Trump’s tariffs kicked off.
Fed policymakers have stressed they are watching for incoming data to provide a clearer picture of the state of the economy amid the “noise” of tariffs. Investors will listen closely to Chair Jerome Powell’s remarks at a conference in Washington for any hints to Fed thinking on interest rates amid the tariffs fallout.
Read more: The latest on Trump’s tariffs
Meanwhile, oil tumbled nearly 4% after Trump said the US is “close to maybe doing a deal” with Iran over its nuclear program. Brent crude futures, the global benchmark, fell to below $64 a barrel while West Texas Intermediate crude changed hands below $61.
In earnings, Cisco (CSCO) late on Wednesday raised its annual forecast based on AI driving up demand, sending its shares higher in premarket. CoreWeave (CRWV) also issued a bullish AI-driven outlook, but its stock sank after its capital expenditures outstripped expectations.
Beyond Walmart, companies set to report results on Thursday include retail giant Alibaba (BABA), Applied Materials (AMAT), and Cava (CAVA).
LIVE 3 updates
