Stock futures rise as Wall Street tries to resume rally

Stock market futures were slightly higher on Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally looked s fade.

Dow-linked futures rose 23 points, or 0.07%. S&P 500 futures gained 0.15%, while Nasdaq 100 futures added 0.18%.

Investors continued to watch retail earnings for insight into consumer health, which continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. Kohl’s shares fell pre-market after the company cut its guidance.

On Wednesday, the Dow fell about 172 points, or 0.5%. The S&P 500 fell 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, plunging 1.25%. Both the tech-heavy index and the S&P 500 are now on track to snap up a four-week winning streak.

The moves came as traders scanned the minutes of the Federal Reserve’s July meeting. The central bank remains committed to tackling inflation, but has indicated it may adjust its pace of tightening depending on market conditions.

Investors were hoping the Fed might slow the pace of its rate hikes after July’s consumer price index reading showed a slight slowdown in inflation. But not everyone is convinced.

“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.” “The minutes haven’t changed our minds at all. We think a 75 basis point hike is likely in September, and we’ll see more hikes at the end of the year…we think that the market is a bit high here,” he added.

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