Finance

Stock futures are little changed as September gets off to slow start

Traders on the floor of the New York Stock Exchange
Source: The New York Stock Exchange

U.S. stock futures were little changed on Wednesday night after the S&P 500 finished the first trading session of the month near the flatline.

Dow Jones Industrial Average futures rose 5 points, or 0.01%. S&P 500 and Nasdaq 100 futures edged 0.03% and 0.04% higher, respectively.

Shares of ChargePoint, the maker of charge systems for electric vehicles, jumped more than 13% in extended trading after reporting stellar quarterly earnings. Pet retailer Chewy and the youth-focused retailer Five Below saw shares tumble 10% and 9%, respectively, after reporting quarterly results.

In the regular trading session, the Dow dipped 48.20 points, or 0.1%, to 35,312.53. The S&P 500 finished the day near the flat line, gaining just 1.41 points, or 0.03% to 4,524.09. The Nasdaq Composite advanced 0.3% to 15,309.38, hitting a record close.

“The relentless march higher on low volatility in U.S. equities continues and with breadth, volume positioning and sentiment measures all positive in our view we look for the rally to extend further into new highs yet,” Credit Suisse said in a note Wednesday.

Energy stocks fell during the day as oil and gas prices continue to rise with Hurricane Ida shutting down oil production and refining operations. Those losses were offset by gains in utility and real estate stocks.

Small-cap stocks made bigger moves, with the Russell 2000 index gaining 0.6% on Wednesday following a 2.1% gain in August. Analysts and investors say that movement in small caps is tied to a move higher in value stocks.

U.S. companies created fewer jobs in August than expected, according to ADP private payrolls data released Wednesday. That did little to move the equities markets but turned bond yields flat.

Investors are expecting the weekly initial jobless claims report Thursday and the Labor Department’s nonfarm payrolls report on Friday, which could provide clues on Fed policy.

Chipmaker Broadcom is scheduled to report quarterly results after the bell Thursday.

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