Dow, S&P 500, Nasdaq Futures Slip As Fed Minutes Temper Rate-Cut Hopes: Why CVNA, FIG, DASH, BTG, IBRX Are Trending After-Hours

Traders looked ahead to U.S. jobless claims, Fed speakers, and other economic data due Thursday.

• U.S. stocks rose in regular trading, led by large-cap tech, with gains in Nvidia after Meta outlined a major data-center chip rollout.
• Strong U.S. economic data supported risk appetite, with industrial production posting its biggest gain in nearly a year.
• Fed minutes showed officials are cautious on rate cuts and open to further tightening if inflation stays elevated.

U.S. stock futures edged mostly lower late Wednesday as investors digested hawkish signals from the Federal Reserve’s January meeting minutes and looked ahead to a busy slate of economic data due Thursday.

As of 8.12 p.m. ET, Nasdaq 100 futures were up 0.1%, while S&P 500 futures were down by 0.007%. Dow futures were down 0.03%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘neutral’ amid ‘high’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) was ‘neutral’ amid ‘normal’ message volume.

US Market Drivers

During the regular session, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.6% and the Nasdaq Composite advanced 0.8%, supported by strength in large-cap technology stocks.

Nvidia shares climbed 1.6% after Meta Platforms said it plans to deploy “millions” of Nvidia chips as part of its data-center rollout. Amazon rose nearly 2% after regulatory filings showed Bill Ackman’s Pershing Square increased its stake by 65% in the fourth quarter, while Micron Technology jumped more than 5% after David Tepper’s Appaloosa Management boosted its holding.

Jurrien Timmer, Director of Global Macro at Fidelity Investments, said on X that while the broader equity trend remains up and market breadth is “decent,” the slope of that trend has flattened as the U.S. market cycle matures and is undergoing a “big rotation.”

Macro data also lifted risk appetite during the regular session. U.S. industrial production recorded its largest increase in nearly a year, orders for business equipment exceeded expectations, and housing starts climbed to a five-month high.

However, the optimism faded later in the day after minutes from the Fed’s January meeting showed policymakers were wary of easing policy too soon. The minutes revealed that “several” officials believe rates may need to rise further if inflation remains above target.

Jan Hatzius, chief economist at Goldman Sachs, said the minutes were consistent with Goldman’s view that the Fed is likely to remain on hold until June, absent further labor-market weakness, followed by a second 25-basis-point cut in September. Hatzius also noted that Fed staff now expect GDP to grow above potential through 2028, with the unemployment rate falling below its natural level by the end of 2026.

Trending Stocks To Watch On NYSE, Nasdaq

Carvana (CVNA): Shares fell about 16% after-hours as fourth-quarter (Q4) adjusted core profit missed analyst expectations, even as the company dismissed allegations raised by short seller Hindenburg Research related to its accounting and loan-sale practices.

Figma (FIG): Shares jumped about 15% in extended trading after the design software firm reported strong Q4 results, upbeat guidance, and adoption of AI-driven features.

DoorDash (DASH): Shares rose about 13% after-hours as the company posted strong growth in orders and marketplace volume in Q4, offsetting misses on adjusted earnings and revenue.

B2Gold (BTG): Shares slid about 11% after hours after the miner reported full-year gold production slightly below the midpoint of guidance, despite record annual revenue.

ImmunityBio (IBRX): Shares slipped about 1% after hours following a rally earlier in the session, as investors weighed the European Commission’s conditional approval of Anktiva alongside requirements for additional long-term data.

How Global Markets Are Performing Today

In broader markets, the yield on the benchmark 10-year U.S. Treasury note climbed to around 4.09%.

Gold steadied near $4,975 an ounce after rising about 2% in the prior session. Ole Hansen, commodity strategist at Saxo Bank, said on X that precious metals have been the “primary beneficiary” of heightened geopolitical concerns. 

“After suffering a deep 61.8% retracement of the April 2025 to January 2026 rally, silver needs to reclaim USD 86 before the outlook turns more constructive. Gold, meanwhile, continues to pivot around USD 5,000, with support at USD 4,860 and resistance at USD 5,140,” Hansen added.

Meanwhile, the MSCI Asia Pacific Index rose about 0.3%, with gains in Australia and Japan, while markets in mainland China, Hong Kong, and Taiwan remained closed for the Lunar New Year holiday.

Key catalysts for Thursday include U.S. initial jobless claims, the U.S. trade deficit, the Philadelphia Fed manufacturing survey, advanced trade and inventory data, remarks from Fed Vice Chair for Supervision Michelle Bowman, comments from Minneapolis Fed President Neel Kashkari, and the release of the Leading Economic Index.

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