Nasdaq futures turn lower as Microsoft shares fall on weak outlook

U.S. stock futures were mostly lower Thursday with the major indexes coming off of two straight losing days.

Futures tied to the Dow Jones Industrial Average were near flat. S&P 500 futures dipped 0.1% and Nasdaq 100 futures eased 0.3%.

Stock futures were positive for most of the morning, but turned lower as Microsoft issued weak forward guidance.

Microsoft warned revenue and earnings this quarter would fall short of analysts' estimates. The stock declined about 2% and took other tech bellwethers with it in the premarket.

"Our view is cautious as we close out the second quarter," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. "Global central bank uncertainty and the pace of tighter monetary policy, still-tight global energy ... markets — which may lead to higher prices still — and headwinds for corporate earnings growth are risks for investors moving forward."

Investors eyed employment data showing the slowest job creation pace of the pandemic-era recovery. Private sector employment rose by just 128,000 in May, ADP reported Thursday, falling well short of the 299,000 Dow Jones estimate.

Traders also parsed through corporate earnings results. Shares of pet retailer Chewy surged roughly 15% premarket after the company reported strong quarterly results. Meanwhile, Hewlett Packard Enterprise fell about 5% following slight misses on both earnings and revenue.

The moves came after major indexes posted back-to-back losses on Wednesday. The Dow shed 176.89 points, or 0.5%, on Wednesday. The S&P 500 fell nearly 0.8%, and the Nasdaq Composite retreated 0.7%. The S&P 500 is off 1.4% this week, on pace for its 8th down week in the last 9.

Sentiment took a dip as JPMorgan Chase CEO Jamie Dimon warned that an economic "hurricane" caused by the Federal Reserve and the war in Ukraine is brewing.