Traders work on the New York Stock Exchange floor on Feb. 20, 2025.
Spencer Platt | Getty Images
S&P 500 futures were little changed early Friday after the major averages slid following a lackluster earnings forecast from retail giant Walmart.
S&P 500 futures were flat, while Nasdaq-100 futures traded 0.3% higher. Dow Jones Industrial Average futures lost 132 points, or 0.3% as shares of UnitedHealth tumbled on a Wall Street Journal report that the insurer is under investigation by the Justice Department.
Traders are coming off a losing session in which the Dow shed 450 points. The S&P 500 lost 0.4% and retreated from its recent all-time highs, while the Nasdaq Composite fell nearly 0.5%. Investors pointed to a smattering of reasons behind the market’s sell-off in addition to Walmart‘s 6.5% dip, including lingering inflationary concerns and declines in shares of Palantir.
But the market’s fears on Thursday may have been slightly overblown, according to Art Hogan, chief market strategist at B. Riley Wealth Management. He added that Friday’s economic data releases, which include the latest purchasing managers’ index readings and January’s existing home sales, will point equities in a direction to end the week.
“There’s a chance that there’s enough overall selling pressure that might drive in some margin hunters on Friday and try to claw back some of the losses that we’re seeing today,” he told CNBC in an interview. “I certainly think you’ll get a sense tomorrow if investors feel like in the near term the moves today are overdone, especially if the PMIs and existing home sales are in line.”
Hogan added: “I don’t think that there’s going to be a piece of economic data that could necessarily stir things up.”
On a week-to-date basis, the S&P 500 is on pace for a slim gain of less than 0.1%, while the Nasdaq Composite is off 0.3%. The Dow is the underperformer, tracking for a 0.8% loss over the period.
