U.S. S&P 500 futures fell slightly as investors reacted to mixed retail earnings while awaiting the release of Federal Reserve minutes. Futures tied to the index slipped 0.1 percent, while Nasdaq-100 futures mirrored the move. Meanwhile, Dow Jones Industrial Average futures dropped 51 points, or 0.1 percent.
Earnings reports shaped market sentiment throughout the session. Target shares plunged more than 9 percent after another decline in sales and news that CEO Brian Cornell will leave in February. In contrast, Lowe’s rose over 3 percent after beating expectations. Earlier in the week, Home Depot’s strong results lifted the Dow, though technology stock weakness pulled the S&P 500 and Nasdaq lower. These swings kept U.S. S&P 500 futures under pressure.
Investors also focused on monetary policy as the Federal Reserve prepared to release its July meeting minutes. Policymakers left interest rates unchanged, but Governors Christopher Waller and Michelle Bowman dissented, marking the first dual dissent since 1993. Traders hoped the minutes would offer clearer guidance on the central bank’s stance toward inflation and growth.
Markets continue to anticipate potential rate cuts later this year. According to CME’s FedWatch tool, traders priced in an 85 percent chance of a cut in September. This expectation remains a key driver for U.S. S&P 500 futures as investors adjust positions based on policy signals.
Looking ahead, all eyes will be on Fed Chair Jerome Powell, who is scheduled to speak at the Jackson Hole conference. Analysts believe Powell may use the event to acknowledge economic slowdowns while pointing toward future easing. His remarks could set the tone for markets in the coming weeks.
Market experts added further perspective. Andrzej Skiba of RBC Global Asset Management said Powell may again lean toward easing. He noted that while inflation reports show some pressure points, they are not enough to derail dovish committee members. Such commentary increased speculation about future monetary policy shifts.
Overall, U.S. S&P 500 futures remain sensitive to both corporate results and central bank decisions. Positive earnings from select retailers provided a lift, but disappointing results from others dragged sentiment lower. Therefore, the combination of retail earnings and Fed guidance will continue to shape near-term market direction.
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