Stock Futures Dip After Two-Day Rally

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures fell slightly Thursday after a two-day rally as traders parsed through corporate earnings and awaited a slew of economic data.

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Today's Markets

As of 8:15 a.m. ET, Dow Jones Industrial Average futures fell 27 points, or 0.17%, to 16380, S&P 500 futures dipped 4 points, or 0.22%, to 1838 and Nasdaq 100 futures slumped 2.5 points, or 0.07%, to 3585.

The bulls came back to life over the past two days, with the Dow posting a back-to-back triple-digit rally. The gains have been driven by strong bank earning. That string of beats continued when Goldman Sachs (NYSE:GS), the biggest U.S. investment bank, posted results that blew past expectations. However, Citigroup's (NYSE:C) results, however, trailed estimates.

Elsewhere on the corporate front, Best Buy (NYSE:BBY) shares nose dived 30% after the struggling tech retailer revealed disappointing holiday results. Carlyle Group (NYSE:CG) offered $4.15 billion to buy Johnson & Johnson's (NYSE:JNJ) Ortho-Clinical Diagnostics unit.

There are several key economic reports due out on the day.

At 8:30 a.m. ET, there is a report out on inflation at the consumer level and weekly jobless claims. Data earlier in the week on producer prices showed wholesale inflation is running at its highest level in about six months.

Later, at 10:00 a.m. ET, the Philadelphia Federal Reserve reveals its gauge of manufacturing conditions in the mid-Atlantic region. At the same time, the National Association of Home Builders will provide information on homebuilder sentiment.

In commodities, U.S. crude oil futures rose 15 cents, or 0.16%, to $94.32 a barrel. Wholesale New York Harbor gasoline fell 0.54% to $2.612 a gallon. Gold slipped to $1,237 a troy ounce.

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