S&P and Dow Jones futures dip as Walmart earnings loom

US stock futures edged lower on Thursday as investors assessed recent market gains, geopolitical tensions, and the Federal Reserve’s policy outlook while awaiting quarterly results from retail bellwether Walmart.

Futures tied to the Dow Jones Industrial Average fell about 0.31%, or 156 points.

S&P 500 futures slipped 0.26%, and Nasdaq 100 futures declined 0.37%, pausing a three-day winning streak in the broader market.

The pullback followed a positive session on Wednesday, when the S&P 500 rose nearly 0.6%, the Nasdaq Composite gained 0.8%, and the Dow Jones Industrial Average added roughly 129 points.

Strength in technology, financial, and energy stocks helped lift equities, with Nvidia advancing 1.6% and Amazon climbing 1.8%.

Tech rebound meets valuation concerns

Markets have recently been driven by movements in mega-cap technology companies, which recovered after earlier volatility tied to artificial intelligence spending and valuations.

Other major stocks, including Apple and Meta Platforms, were lower in premarket trading following the prior day’s gains.

Earlier in the month, AI-linked companies and software firms faced pressure amid concerns that heavy investment in artificial intelligence was not yet translating into significant revenue or profit growth, and that improved AI tools could disrupt multiple industries.

Walmart earnings and economic data in focus

Investors are closely watching Walmart’s fourth-quarter earnings, scheduled before the opening bell.

The retailer’s results are widely viewed as an indicator of US consumer health and spending trends.

Walmart shares have climbed more than 13% in 2026 and recently joined the $1 trillion market-capitalization club, making the stock’s reaction potentially influential for broader markets.

Other corporate news included gains in select companies.

DoorDash jumped 10.74% after forecasting first-quarter marketplace gross order value above estimates, while eBay rose 10.06% after projecting higher revenue and announcing the acquisition of fashion marketplace Depop from Etsy.

Etsy shares advanced 19.2%. Carvana, however, dropped 16.5% after missing fourth-quarter profit expectations due to higher costs.

Economic indicators will also be in focus.

Traders will monitor weekly jobless claims and pending home sales data on Thursday, ahead of Friday’s personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge.

Fed outlook and geopolitical risks

Minutes from the Federal Reserve’s January policy meeting showed officials were divided on the future path of interest rates.

Policymakers were largely in agreement to hold rates steady, though several indicated openness to rate hikes if inflation remains elevated, while others would support cuts if inflation declines.

Geopolitical developments also influenced sentiment.

Oil prices climbed more than 4% after US Vice President JD Vance said Iran had not addressed core American demands in nuclear negotiations and warned that President Donald Trump retains the option to use military force if diplomatic efforts fail.

Rising crude prices lifted shares of energy companies, including Exxon Mobil, Chevron, and Occidental Petroleum.

Together, earnings expectations, monetary policy uncertainty, and geopolitical tensions left investors cautious, with markets awaiting clearer signals on the economic outlook.