Stock futures are little changed as investors assess risk of an economic downturn

U.S. stock futures were little changed on Wednesday night following a fifth straight day of losses for the S&P 500 as Wall Street weighed the likelihood of a recession.

Dow Jones Industrial Average futures gained 15 points, or 0.04%. S&P 500 futures added 0.02%, while Nasdaq 100 futures was up 0.004%.

Shares of Rent the Runway surged more than 27% in extended trading. The online retailer topped revenue expectations in its most recent quarter as shoppers opted to borrow designer clothes amid rising inflation.

During the regular session Wednesday, the S&P 500 declined 0.19% in its fifth straight losing session. The Dow was virtually flat, adding just 1.58 points. Meanwhile, the Nasdaq Composite slipped 0.51%.

The Federal Reserve is expected to issue a 50 basis point interest rate hike next week. It’s a smaller increase than the prior four rate hikes. Still, investors are increasingly concerned whether the central bank can avoid a recession next year in its attempt to squash inflation.

“We’ve been waiting for earnings to come down, we’ve been waiting for CEOs to acknowledge the fact that a recession is more likely than not, and here we are,” Liz Young, head of investment strategy at SoFi, said Wednesday on CNBC’s “Closing Bell: Overtime.”

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