U.S. stock futures ticked lower Thursday night as investors reviewed a flurry of corporate earnings ahead of a key inflation report. Wall Street was also headed for a losing week after what has been a stellar month for stocks.Wall Street is coming off a losing session for the major benchmarks. The Dow Jones Industrial Average closed more than 300 points lower, or by 0.9%, after SalesforceThose moves come during a holiday-shortened trading week.
Investors are concerned the choppiness could mean the recent stock rally is starting to flag. They're worried the advance of a handful of large-cap tech stocks, namely Nvidia, is masking weakness in the broader market. The S&P 500 has climbed roughly 10% this year, but the equal-weighted index is up by about 3%.
"When we see option pricing betting that the momentum is going to continue or actually exceed history, that becomes a problem for us," Jeff deGraff, head of technical research at Renaissance Macro Research, told CNBC's"They might consolidate over the summer, but this isn't the place to be putting in fresh money," deGraff added."So, I think the expectations are pretty filled up here, and we just want to be careful.