Stock futures slightly lower after Dow snaps five-day winning streak

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Stock market futures were slightly lower early Thursday morning after the Dow snapped a five-day winning streak and the recent rally fades.

Futures contracts tied to the Dow Jones Industrial Average were 69 points lower. S&P 500 futures were down 0.29% while the Nasdaq 100 futures fell 0.4%.

During regular trading the Dow fell roughly 172 points, or 0.5%. The S&P 500 declined 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, dipping 1.25%. The tech-heavy index and S&P 500 are now both on track to snap a four-week winning streak.

The minutes from the Federal Reserve’s latest meeting drove Wednesday’s market action. The central bank remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions.

Investors have been hoping that the Fed might slow the pace of its rate hikes after July’s consumer price index reading showed inflation cooling slightly. But not everyone is convinced.

“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.”

“The minutes didn’t make us change our mind at all. We think a 75 basis point hike is likely in September, and we’ll see more hikes at the end of the year…we think the market is a little lofty right here,” he added.

The latest batch of earnings report didn’t help traders’ sentiment during the session. Target’s quarter missed estimates, with results from Lowe’s coming in mixed.

More retail earnings are on deck for Thursday, with Kohl’s, Tapestry, Estee Lauder and Ross Stores all set to report. Applied Materials will also post its quarterly update.

Some key economic data will also be released Thursday, including weekly jobless claims and existing home sales.

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