S&P 500 futures dip as Wall Street shifts focus back to path of interest rates: Live updates

S&P 500 futures were lower early Thursday as renewed concern swirled on Wall Street over the course of the Federal Reserve’s interest rate policy, and whether policymakers will enact another hike this year.

Futures tied to the broader market index dipped 0.2%, while Nasdaq 100 futures declined 0.5%. Dow Jones Industrial Average futures were up 43 points, or 0.1%.

Traders also pored through the latest corporate earnings. C3.ai slipped 5.3% after reporting lower-than-expected gross margin in its fiscal first quarter. GameStop added more than 6% after reporting second-quarter results, while ChargePoint Holdings fell more than 10% after missing revenue estimates.

Major U.S. stock benchmarks are coming off a losing session as higher Treasury yields pressured tech stocks and added to investor worry that the Federal Reserve will use recent stronger-than-expected economic data to justify additional hikes.

“Given the data, the Fed will most likely deliver a hawkish pause at the next meeting,” said by Jeffrey Roach, chief economist at LPL Financial. “The hard data is not yet convincing enough to establish strong views about the subsequent meetings. Investors should still find opportunities in the market but it could be a bumpy ride.”

While 93% of interest rate traders foresee no change at September’s Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose above 40%, according to the CME FedWatch tool.