S&P 500 futures are little changed as investors await May retail sales data: Live updates

The market could have a pivotal moment in a few weeks as earnings start to roll in, according to Dan Niles of Niles Investment Management.

Niles said market participants feel a fear of missing out on artificial intelligence. But he said there’s going to be harder questions about return on investments in the technology for companies to answer during the next earnings season.

“In a few weeks, we’re going to come to a Jesus moment,” he said on CNBC’s “Fast Money.”

That can help bring broadening to the market rally, he said. This is because traders will look more critically at what businesses will be long-term winners from the tech.

“Not every company is Nvidia,” Niles said.

— Alex Harring

Chegg shares jumped more than 22% in extended trading after the education technology company announced a restructuring that includes job cuts.

The company said it would slash global headcount by 23%. Chegg also reiterated its goal of EBITDA margins of at least 30% in the 2025 fiscal year.

Chegg shares have plummeted 77% in 2024, putting the stock on track for its fourth straight losing year.

— Alex Harring

Lennar and La-Z-Boy diverged after hours as investors responded to their respective earnings reports.

Homebuilder Lennar fell 2.5% despite a better-than-expected release for the second fiscal quarter. The company earned $3.45 per share on $8.77 billion in revenue, while analysts surveyed by LSEG had forecasted $3.24 a share and $8.52 billion.

On the other hand, La-Z-Boy jumped more than 10% as earnings came in ahead of Wall Street predictions. The furniture maker recorded 95 cents per share, excluding items, and $554 million in revenue for the fourth fiscal quarter. Analysts polled by LSEG had penciled in just 70 cents and $516 million, respectively.

— Alex Harring

Stock futures were near flat shortly after 6 p.m. ET.

Dow futures rose just 0.1%. S&P 500 and Nasdaq 100 futures were also both little changed.

— Alex Harring