(Reuters) – Wall Street futures fell on Thursday as investors digested minutes of the Federal Reserve’s June meeting, while Meta bucked the slide in rate-sensitive technology and growth companies as it launched a Twitter-like app, Threads.
U.S. stock indexes slipped in the previous session after the Fed minutes showed a vast majority of the policymakers expected further policy tightening, even as they agreed to hold rates steady in June.
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Most tech and growth megacaps fell in early premarket trading, with Alphabet and Tesla down 0.6% and 0.9%, respectively.
Meta Platforms rose 1.7% after attracting millions of users within hours of launching Threads on Wednesday.
“No doubt there will be bumps in the road, but the injection of some healthy competition will be a welcome development for consumers,” said Victoria Scholar, head of investment at Interactive Investor.
“(It) could provide support to Meta’s share price if Threads turns out to be a success, as its huge number of initial sign ups suggests.”
After a dismal 2022, big growth and technology stocks such as Meta have seen outsized gains this year, with the Nasdaq Composite clocking its biggest first-half rise in 40 years.
At 05:30 a.m. ET, Dow e-minis were down 154 points, or 0.45%, S&P 500 e-minis were down 19.25 points, or 0.43%, and Nasdaq 100 e-minis were down 64.25 points, or 0.42%.
Investors are focused on U.S. jobless claims, JOLTS and private payrolls data due later in the day as well as the Institute for Supply Management’s (ISM) non-manufacturing PMI numbers.
Chipmakers Qualcomm and Intel extended declines, dropping 1.2% each, as a trade war between Beijing and Washington escalates.
Beijing restricted exports of metals used in semiconductors on Monday, adding that the controls were “just a start,” ahead of U.S. Treasury Secretary Janet Yellen trip to China.
Among other movers, Exxon Mobil eased 0.9% on signaling a sharp drop in second-quarter operating profit on lower natural gas prices and weaker oil refining margins, according to a regulatory filing.
JetBlue Airways fell 1.2% after the company said it would follow a U.S. judge’s May order to end an alliance with American Airlines to protect a planned $3.8 billion purchase of Spirit Airlines.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)
By: OAN
