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Traders work on the floor at the New York Stock Exchange on Dec. 7, 2023.
Brendan Mcdermid | Reuters
U.S. stock futures were little changed Wednesday night after the Nasdaq Composite fell for a fourth straight trading day.
Dow Jones Industrial Average futures rose by 35 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures ticked higher by 0.09% and 0.1%, respectively.
Wall Street is coming off a dismal trading session, with all three major averages closing out Wednesday with losses. The 30-stock Dow dropped nearly 300 points, or 0.8%, while the S&P 500 fell 0.8%. The tech-heavy Nasdaq Composite posted its fourth straight losing session, dropping more than 1%.
Mega-cap tech stocks such as Apple are underperforming to start the year as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic. Apple shares are down more than 4% this week.
In 2023, the S&P 500 rallied more than 24%, ending with its best weekly win streak going back to 2004. The Nasdaq Composite jumped 43%, notching its best year since 2020.
“You’ve got positioning, you’ve got sentiment, all of that is pretty stretched,” Anastasia Amoroso, chief investment strategist at iCapital, said on CNBC’s “Closing Bell” on Wednesday. “And I think after this really strong finish to the year that we’ve had, we’re just due for some of the give back.”
On the economic front, the December ADP private payrolls report is due out Thursday morning. Economists polled by Dow Jones expect a rise of 130,000 last month, up from 103,000 the prior month.
Walgreens Boots Alliance is set to release earnings Thursday before the open.
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