US Stocks: S&P500 Steady While GameStop, Chewy, Dollar Tree Drive Tech Stock Gains

Stock Futures Flat as Traders Weigh Durable Goods Data, Tariff Outlook

U.S. equity futures were broadly steady early Wednesday following a three-day winning streak for the S&P 500. Traders remained cautious, balancing better-than-expected economic data with tariff uncertainty and weak consumer sentiment. S&P 500 and Nasdaq 100 futures hovered near the flatline, while Dow futures added about 68 points, or 0.1%.

President Trump’s comments about potentially softening reciprocal tariffs, set to begin April 2, provided a slight lift to sentiment. While concerns linger around inflation and recession signals, investors drew some relief from reports suggesting the new trade measures may be narrower and more targeted than initially feared.

Is Soft Consumer Sentiment Really a Warning Sign?

Tuesday’s release of the Conference Board’s March consumer confidence report showed a steep drop in consumer expectations, the lowest in 12 years. Despite that, analysts like Paul Hickey of Bespoke Investment Group argue there’s a gap between soft sentiment data and actual economic activity.

Hickey noted that several key hard data points — including housing starts, industrial production, and new home sales — were in line or better than expected, suggesting no immediate economic downturn. His remarks reflect a growing trader sentiment that soft indicators might be overstating near-term risks.

Durable Goods Data Surprises to the Upside

Fresh data from the Commerce Department showed a 0.9% jump in February durable goods orders, significantly better than the expected 1% decline. Excluding transportation and defense, gains stood at 0.7% and 0.8%, respectively.

However, core capital goods orders, a proxy for business investment, fell 0.3%, hinting at caution among companies around capital expenditure. Traders may interpret the mixed data as a sign of resilience, though not without underlying fragility.

What Stocks Are on the Move?

GameStop surged 16% after its board approved a plan to allocate corporate cash to bitcoin and stablecoins, echoing moves by MicroStrategy. Dollar Tree climbed 5% on plans to divest its Family Dollar chain for $1 billion, along with better-than-expected quarterly earnings.

Chewy rose over 5% following a revenue beat and upbeat guidance. Playtika rallied nearly 14% after a Bank of America double-upgrade. Tenet Healthcare and Wingstop both gained following bullish analyst initiations, while TotalEnergies added 2% on a Citi upgrade highlighting potential margin expansion.

What’s Next for Markets?

Traders are closely watching for further developments on U.S. tariffs and upcoming economic prints that could clarify recession risks. Friday’s PCE inflation report will be key for gauging the Fed’s next move. Until then, market direction may hinge on sector-specific news and earnings updates from key retail and tech names.

More Information in our Economic Calendar.