S&P 500 Futures Slip After Microsoft Report; Traders brace for key inflation data: Live updates

Stock futures slid Wednesday evening, as Wall Street absorbed a fresh batch of earnings reports from megacap tech names.

S&P 500 futures lost 0.3%, and Nasdaq 100 futures decreased by 0.5%. The future is bound Dow Jones Industrial Average 27 points down.

At work after hours, Meta platform It fell 3% after missing Street expectations for user growth and warning that capital spending would increase in 2025. Microsoft's revenue guidance disappointed investors, pulling shares down nearly 4%.

During regular trading on Wednesday, the major averages posted slight losses. D S&P 500 0.3% decreased, while Dao decreased by 0.2%, and Nasdaq Composite decreased by about 0.6%.

Investors also weighed the third-quarter US gross domestic product reading, which showed the economy grew at a 2.8% annual rate, below the Dow Jones consensus forecast of 3.1%.

Another market catalyst awaits Thursday morning: the personal consumption price index for September. It may also be the Federal Reserve's preferred inflation index. Economists polled by Dow Jones expected PCE to increase 0.2% on a monthly basis and 2.1% from a year ago.

This PCE reading, along with Friday's October payrolls report, will inform the Fed's interest rate decision on Nov. 7 when it concludes its two-day policy meeting.

“Growth, inflation coming down is exactly what you want to see,” said Jamie Cox, managing director at Harris Financial Group. “The Fed does not need to fear a stable and growing economy to normalize rates this cycle as long as inaction continues.”

Tech earnings continued Thursday with results from tech giants apple And the amazon. Uber, Mark And Intel are also reported.

On the economic data front, the weekly jobless claims report was released on Thursday morning.