U.S. stock futures rise after Dow, S&P 500 break three-day slide

U.S. stock futures were higher Thursday morning after all three major averages ended higher during the daily trading session.

Dow Jones Industrial Average futures gained 118 points, or 0.4%. S&P 500 and Nasdaq 100 futures climbed 0.5% and 0.6%, respectively.

Snowflake jumped 17% after posting a beat on revenue. Shares of Nvidia slid 4% on the heels of a quarterly report that missed Wall Street’s expectations. Salesforce fell more than 6% after the company provided a disappointing forecast for fiscal 2023.

The Dow on Wednesday rose slightly along with the S&P 500. For both averages, the gains snapped three-day long losing streaks. The tech-heavy Nasdaq Composite also ticked up 0.41%.

The market action took place as investors await the start of the Jackson Hole economic symposium, which begins Thursday with Federal Reserve Chair Jerome Powell scheduled to speak the following morning. Traders will be listening for more information about how the central bank will combat high inflation and if policymakers may cut rates when the current hiking cycle is over.

“It’s steady as it goes, it’s way too early for the Fed to consider a pivot,” said Jim Bianco, president of Bianco Research, on CNBC’s “Fast Money.”

Investors are also waiting for key economic reports scheduled to come out later in the week, including jobless claims Thursday and the personal consumption expenditures Friday. The PCE report is one of the Fed’s favorite inflation measures, and it could influence its actions going forward.

Peloton reports quarterly earnings Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close Thursday.