Stock futures are little changed after S&P 500’s best one-day rally since 2020

Stock futures were little changed in overnight trading Wednesday after the major indexes posted sharp gains as commodity prices cooled.

Futures on the Dow Jones Industrial Average dipped about 20 points. S&P 500 futures were near flat and Nasdaq 100 futures were marginally higher.

Amazon shares jumped more than 6% in extended trading after the company announced a 20-for-1 stock split and $10 billion buyback. CrowdStrike rallied more than 12% after hours post-earnings.

In Wednesday’s regular trading session, the Dow rose 653.61 points, or 2%. The S&P 500 climbed 2.6% for its best day since June 2020. The Nasdaq Composite gained 3.6% for its best day since November 2020.

The moves came as oil prices fell Wednesday after trading at elevated levels recently amid Russia’s invasion of Ukraine. WTI crude oil dropped more than 12% in its worst day since November and international benchmark Brent crude oil tumbled 13% for its biggest one-day drop since April 2020.

Other commodities that have seen significant rallies since the war in Ukraine also pulled back Wednesday, including silver and wheat. Investors have been worried about the impact of high prices on economic growth.

Wednesday’s rally in the stock market was broad-based, with nine out of 11 sectors positive, led by technology. Gains in Big Tech names like Meta and Alphabet boosted the major averages.

“It is somewhat typical of a high volatility environment where you can get just wicked swings in both directions,” said Liz Ann Sonders, Charles Schwab chief investment strategist. “A relief rally is probably the best way to describe what happened in the markets. … It doesn’t surprise me to see a very sharp countertrend move.”

Investors are awaiting the release of February’s consumer price index Thursday morning. Economists expect headline inflation rose 0.7% last month, or 7.8% from the year prior, according to Dow Jones estimates. 

Weekly initial jobless claims are also slated to come out Thursday.

On the earnings front, companies including Oracle, Ulta Beauty and Rivian are set to report quarterly results Thursday.