Stock futures are little changed as traders look ahead to key Fed Chair Powell speech: Live updates

US Top News and Analysis

A trader works on the floor of the New York Stock Exchange.

Peter Kramer | CNBC

Stock futures oscillated near the flat line Wednesday evening.

Futures tied to the Dow Jones Industrial Average slipped 14 points, or 0.04%. Nasdaq 100 futures gained 0.03%, while S&P 500 futures were little changed.

In after-hours trading, electric vehicle juggernaut Tesla slid 4% after the company missed expectations on earnings and revenue in the third quarter. Tesla posted adjusted earnings of 66 cents per share on revenue of $23.35 billion, while analysts polled by LSEG anticipated earnings of 73 cents per share on revenue of $24.1 billion.

Elsewhere, Netflix shares popped nearly 13% in extended trading after the streaming giant posted third-quarter profit of $3.73 per share, beating analysts’ expectations of $3.49 per share, according to LSEG.

During Wednesday’s regular trading, stocks sold off sharply as Treasury yields surged to multiyear highs. The yield on the 10-year Treasury topped 4.9%, touching its highest level in 16 years. In turn, the S&P 500 tumbled 1.3%, while the 30-stock Dow shed more than 330 points, or 0.98%. The Nasdaq Composite was the underperformer, off 1.6%.

Interest rates will be back in focus Thursday as traders look ahead to a key speech at noon ET from Federal Reserve Chair Jerome Powell. Even as inflation numbers have been showing signs of improvement, Treasury yields’ continued climb is raising questions on how the central bank may proceed on monetary policy.

Other economic data on deck include weekly jobless claims and existing home sales for September.

A slate of regional banks will report quarterly results Thursday, including KeyCorp, Fifth Third and Truist Financial. American Airlines, Union Pacific and CSX are also slated to post earnings.

— CNBC’s Jeff Cox contributed to this story.

Correction: LSEG is formerly known as Refinitiv. An earlier version misstated the company’s previous name.

6 Min Ago

Expect Fed Chair Powell to sound ‘a little more hawkish’ on Thursday, says Nuveen CIO

Investors shouldn’t anticipate a softened tone from Federal Reserve Chair Jerome Powell when he speaks on Thursday, warns Nuveen chief investment officer Saira Malik.

“Markets were generally pleased with other Fed speakers over the last week or so where comments have been dovish, and they’ve been talking about perhaps taking future rate hikes off the table,” she said Wednesday on CNBC’s “Closing Bell: Overtime.”

VIDEO4:3604:36

Expect Fed Chair Powell to sound hawkish Thursday, says Nuveen’s Saira Malik

Closing Bell: Overtime

“I expect Powell to [come in] a little more hawkish tomorrow,” she added. “Inflation is still an issue. The employment markets are still strong. The consumer is still spending. I think all of that together makes him lean a little more hawkish.” Malik noted that her firm still expects one more rate hike before the end of the year.

The Fed Chair’s speech arrives at a critical time for markets. Treasury yields have marched higher, with the 10-year yield topping 4.9% on Wednesday – a high dating back to 2007. Investors hope that Powell will give some insight on where the central bank stands with respect to policy going forward.

Read more about what to expect from Powell’s speech here.

–Darla Mercado

2 Hours Ago

Dow Transports suffer worst day since April

The Dow Transports slid 3.4% Wednesday, marking its worst day since April 26.

Airlines within the 20-stock index suffered keenly Wednesday, with United Airlines shedding 9.7% and Alaska Air tumbling 5.2%. American Airlines and Delta fell more than 4% each.

J.B. Hunt Transport also dropped considerably, falling 8.8% a day after it posted quarterly results. Third-quarter earnings came in at $1.80 per share on $3.16 billion in revenue. Analysts polled by FactSet were calling for earnings of $1.83 per share on revenue of $3.17 billion.

— Darla Mercado, Nick Wells

2 Hours Ago