Stock futures were little changed in early morning trading Thursday as traders wrap up a month and quarter.
Futures on the Dow Jones Industrial Average slipped 26 points, or less than 0.1%. S&P 500 futures were flat, and Nasdaq 100 futures added 0.2%.
Some tech stocks were under pressure Thursday amid analysts concerns over the PC market going forward. AMD shares slipped more than 1% in the premarket after analysts at Barclays downgraded the stock to equal weight from overweight. Meanwhile, HP Inc and Dell dipped 3.8% and 2%, respectively, after being downgraded to equal weight from overweight at Morgan Stanley.
Thursday marks the last trading day of March and of the first quarter.
The S&P 500 and Nasdaq are on pace to finish the month up about 5% each, while the Dow is nearly 4% higher in March. For the first quarter, the Dow and S&P 500 are both down about 3% and the Nasdaq is off more than 7%.
For all three averages, this will be the first negative quarter since the first quarter of 2020, which marked the start of the Covid pandemic in the U.S. Those moves come as traders grapple with the Federal Reserve’s plans to tighten monetary policy this year to fight a spike in U.S. inflation, while the Ukraine-Russia war rages on.
Oil prices fell sharply, with West Texas Intermediate futures dropping 5% to $102.18 per barrel. That comes as President Joe Biden’s administration considers a plan to release 1 million barrels of oil per day from the strategic petroleum reserve for about six months, a source told NBC News.
Volatile oil prices have loomed over equities, with U.S. crude prices climbing more than 3% on Wednesday. Germany warned of potential rationing of natural gas due to disputes with Russia, and U.S. crude stockpiles fell.
“We’re going to be bouncing around between good news and bad news, unfortunately,” said George Mateyo, Key Private Bank chief investment officer. “That’s going to create some volatility.”
Investors are awaiting weekly jobless claims and personal income and spending data to be released Thursday morning.
Stocks are coming off a down session Wednesday in which the Dow and S&P 500 each snapped four-day win streaks. The Dow shed 65.38 points, or 0.2%. The S&P 500 fell 0.6% and the Nasdaq lost 1.2%.