Traders work on the floor at the New York Stock Exchange (NYSE), after Republican Donald Trump won the U.S. presidential election, in New York City, U.S., November 6, 2024.
Andrew Kelly | Reuters
U.S. stock futures dipped Wednesday night, as the major averages’ postelection run began to show signs of stalling.
Dow Jones Industrial Average futures lost 56 points. S&P 500 futures fell 0.12%, while Nasdaq 100 futures shed 0.21%.
CNH Industrial shares jumped about 8% in extended trading after Greenlight Capital’s David Einhorn told attendees at CNBC’s Delivering Alpha conference that he took a medium-sized position in the agricultural equipment company.
On Wednesday, the 30-stock Dow and S&P 500 closed out the regular session near the flatline, with the former rising 47.21 points, or 0.11%, and the latter eking out a 0.02% gain. The Nasdaq Composite ended the session down by 0.26%.
Those moves come after the October consumer price index came in as expected, but nevertheless signaled the Federal Reserve’s fight against inflation is yet to be won. Core CPI rose by 0.3% for a third straight month, with the 12-month rate at 3.3%.
Investors are deliberating whether a postelection rally following Donald Trump’s decisive victory last week still has room to run after powering the major averages to new milestones. The Dow closed above 44,000 for the first time on Monday, and both the S&P 500 and Nasdaq Composite notched new highs.
Courtney Garcia, senior wealth advisor at Payne Capital Management, expects there’s still upside to be had, given the cash sitting in the sidelines from investors awaiting more certainty on the market.
“I don’t think the rally is necessarily ending any time in the short term, but with that new money to add, I think there’s a lot of other areas of opportunity that still have room to run,” Garcia said Wednesday on CNBC’s “Closing Bell.”
On the economic front, the October producer price index will be released Thursday, and the retail sales report is due out Friday. Fed Chair Jerome Powell is set to speak Thursday in Dallas, Texas.
Elsewhere, Disney reports earnings before the open Thursday.
