U.S. futures were little changed early Friday following a downturn in the previous session driven by Walmart’s (WMT) weak earnings forecast. The retail giant’s outlook raised concerns about the economy’s health. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down 0.02% and 0.05%, respectively, at 3:39 a.m. EST, February 21, while the Dow Jones Industrial Average (DJIA) futures were up 0.06%.
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Thursday’s regular trading session saw the Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) fall by over 1%, 0.4%, and 0.5%, respectively.
Walmart stock declined 6.5% despite reporting better-than-expected Q4 results. The stock’s decline also impacted other retail giants like Target (TGT) and Costco (COST). Adding to the negative sentiment, Palantir (PLTR) stock continued to fall over reports of potential Pentagon budget cuts and its CEO’s new stock sale plan.
For the week, the S&P 500 is poised for a small gain, while the Nasdaq Composite is slightly down. The Dow Jones is the weakest performer, currently on track for a loss.
Looking ahead, investors will be closely watching for the latest U.S. Services and Manufacturing Purchasing Managers’ Index (PMI) readings for February month. Also, Existing Home Sales and Consumer Sentiment reports will be released today. These data points will provide further insights into the strength of the economy and may influence future market direction.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.482%. Simultaneously, WTI crude oil futures are trending lower, hovering near $72.02 per barrel as of the last check.
Elsewhere, European indices opened higher on Friday as investors awaited the UK’s flash Manufacturing and Services PMI reports to gain insights about the economy’s health.
Asia-Pacific Markets Ended Higher on Friday
Asia-Pacific indices were in the green today. Hong Kong’s Hang Seng Index hit a three-year high today, driven by tech giant Alibaba’s (HK:9988) (BABA) stellar earnings report. Also, Chinese stocks rose after U.S. President Donald Trump hinted at the possibility of a new trade deal with China, pointing to a more positive outlook for U.S.-China relations.
Notably, Hong Kong’s Hang Seng Index rallied 3.99%. Further, China’s Shanghai Composite and Shenzhen Component indices gained 0.85% and 1.82%, respectively. Also, Japan’s Nikkei and Topix indices were up 0.26% and 0.07%, respectively.
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