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Stock market today: Live updates

Signage outside the New York Stock Exchange (NYSE) in New York, US on Thursday, March 23, 2023.

Angus Mordant | Bloomberg | Getty Images

Wall Street futures were little changed on Wednesday evening, as investors weigh recession risk following the latest meeting minutes from the Federal Reserve.

Futures linked to the Dow Jones Industrial Average were 57 points lower, or 0.2%, while Nasdaq 100 futures down 0.01%. Futures tied to the S&P 500 fell about 0.2%.

Stocks ended Wednesday’s regular trading session on a down note. The S&P 500 closed 0.41% lower, while the Nasdaq Composite dropped 0.85%. The Dow snapped a four-day winning streak, ending the day down 38.29 points, or 0.11%.

At first, the major averages were earlier in the session following the release of March’s consumer price index report, which showed headline pressures slowed last month. The CPI advanced 0.1% month over month in March, and 5% from the prior year.

Traders’ sentiment turned in the afternoon after the release of minutes from the March Federal Open Market Committee meeting. In particular, the Fed expects the recent banking crisis to cause a recession later this year.

“Wall Street went from focusing on a mostly cooler-than-expected inflation report to the Fed Minutes that prompted recession worries as further banking turmoil could be right around the corner as bank earnings near,” said Ed Moya, senior market analyst at Oanda.

Investors will now turn their attention to wholesale inflation data, with the producer price index report from the Bureau of Labor Statistics due out at 8:30 a.m. ET on Thursday. Weekly jobless claims are also due at that time. Wall Street is also eyeing the beginning of major corporate earnings on Friday, with commercial banks including JPMorgan and Citigroup as well as firms like BlackRock reporting.

Julian Emanuel, senior managing director of research at Evercore ISI, says that while pressure remains on stocks more broadly, the price movements themselves aren’t the key focus that’s caught his eye.

“It’s all about earnings,” he said.



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