Investors assessed new earnings reports and speeches from central bank speakers.
S&P 500 and Nasdaq 100 futures ticked higher Thursday night as investors continued evaluating earnings reports and tougher language from Federal Reserve speakers.
Thursday brought another day of drops for the major indexes. The S&P 500 shed 0.31%, and the Nasdaq Composite lost 0.35%. The Dow Jones Industrial Average inched downward by 0.02%. But investors also had to consider comments from more than half a dozen Fed speakers at events across the country. Notably, St. Louis Federal Reserve President James Bullard"the policy rate is not yet in a zone that may be considered sufficiently restrictive." He suggested that the appropriate zone for the federal funds rate could be in the 5% to 7% range, which is higher than what the market is pricing.
Investors have responded to each new piece of economic data or any language in recent weeks that could indicate what the Fed will do next with interest rates, said Shelby McFaddin, investment analyst at Motley Fool Asset Management. In this case, she said the comments on inflation led investors to believe the Fed does not think the economy has cooled enough.
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