US stocks on track to open marginally lower

• US stock index futures trade modestly lower on Thursday.
• S&P 500 set a new all-time high on Wednesday.
• Market participants continue to assess quarterly earnings reports.

S&P 500 futures fall 0.17%, Dow Jones futures are unchanged and Nasdaq futures are down 0.17% ahead of the opening bell on Thursday.

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Wednesday with a 0.82% gain, a 0.40% increase, and a 0.95% rise, respectively.

What to know before stock market opens

• The Technology Sector was the best-performing S&P 500 major sector on Wednesday, with a daily gain of nearly 1.5%. The Real Estate Sector and the Consumer Staples Sector declined less than 0.1% as the only major sectors closing the day in negative territory.
• Emerson Electric Co.(EMR) was the top gainer in the S&P 500 on Wednesday, rising 10.4% to $104.11. V.F. Corp. (VFC) fell nearly 10% to $15.31 as the biggest decliner of the day.
• The data from the US showed that the goods and services deficit was $62.2 billion in December, up $0.3 billion from $61.9 billion in November.
• The Federal Reserve (Fed) reported late Wednesday that consumers added $1.56 billion in additional borrowing, far below the $16 billion forecast and declining steeply from the previous month's $23.75 billion.
• In an interview with CNBC on Wednesday, Minneapolis Fed President Neel Kashkari argued they can dial back the policy rate quite slowly if the labor market continues to be strong. "At the moment, two to three rate cuts this year seems appropriate," he added. 
• Federal Reserve Board of Governor member Adriana Kugler noted on Wednesday that she is pleased with the great progress on inflation and added that she is optimistic that the progress will continue. "Some measures of financial conditions have eased but remain relatively tight and are consistent with continued progress on inflation,” Kugler elaborated.
• “The data point to continued disinflation, to labor markets coming into better balance, and to resilient consumer spending—three elements necessary for us to stick to the soft landing we remain optimistic to achieve,” Philadelphia Fed President Patrick Harker said on Tuesday.

Disney and PayPal reported earnings 

• Walt Disney Co. (DIS) reported a quarterly revenue of $23.5 billion, slightly below the market projection of $23.6 billion, per Reuters. Disney's board of directors authorized a $3 billion share repurchase program for the current fiscal year, and declared a dividend of 45 cents a share. “Our strong performance this past quarter demonstrates we have turned the corner and entered a new era of growth for our company,” Disney CEO Bob Iger said in a statement. 
• PayPal Holdings Inc. (PYPL) said revenue rose 8.7% to $8.03 billion from a year ago, surpassing the market forecast of $7.87 billion. Quarterly adjusted earnings were $1.48​​ per share for the quarter ended in December, and quarterly net income was $1.4 billion. "We're doing a lot of things to drive change internally and externally,” CEO Alex Chriss said in a post-earnings conference call, according to Reuters. “However, nothing happens overnight. It will take time for some of our initiatives to scale and move the needle," Chriss added.
• Alibaba Group Holdings Ltd. (BABA) reported Q3 adjusted net income of RMB 47,951 million and Q3 revenue of RMB 260,348 million before the opening bell on Wednesday. In its earnings report, the company said that the board of directors approved an increase of $25 billion to the share repurchase program. “Our top priority is to reignite the growth of our core businesses, e-commerce and cloud computing,” Alibaba said, per Reuters.
• Uber Technologies Inc. (UBER) announced Q4 net income of $1.4 billion and Q4 gross bookings of $37.6 billion. Net revenue for that period was $9.94 billion. "Uber's platform advantages and disciplined investment in new growth opportunities resulted in record engagement and accelerating Gross Bookings in Q4," Chief Financial Officer Prashanth Mahendra-Rajah said, per Reuters.
• Motorola Solutions Inc. (MSI), DexCom Inc. (DXCM), Take-Two Interactive Software, Inc. (TTWO) and Pinterest Inc. (PINS) are among the noteworthy companies that will release earnings reports after the closing bell on Thursday.

S&P and Nasdaq futures are presented by CME e-minis and Dow Jones futures are presented by CBOT e-mini.