Stock futures are little changed after Dow’s worst day since 2020

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York, May 5, 2022.

The stock futures were little changed after the worst day of the year for the stock market.

The futures on the Industrial Average were not moving. The S&P 500 futures were near the flatline while the Nasdaq 100 futures were up less than 0.1%.

The moves came after the stock market sold off. The tech-laden index fell more than 5% and the blue chip index lost more than 1,000 points. The worst single-day drops since 2020 were recorded by both indexes. The S&P 500 fell for the second day in a row.

Wednesday's big post-Federal Reserve meeting rally was erased by Thursday's losses. The S&P 500 and the DJIA had their best day of gains since 2020 on Wednesday after Fed Chair Powell ruled out larger rate hikes.

It was more of a relief yesterday. There is more realism coming through in the market today, according to a portfolio strategist.

Cloud companies, e-retailers and mega-cap names saw steep declines on Thursday.

The S&P 500 is on track to close the week up 0.4%. The index is on track to finish the week marginally higher, while the index is lower this week.

The April jobs report will be released on Friday. Employers are expected to add 400,000 jobs to their payrolls, down from 431,000 in March. The unemployment rate is expected to fall to 3.5% in April from 3.6% in March.