In a continuation of the recent downtrend, stock futures were relatively unchanged on Wednesday evening following a fourth consecutive day of losses for the S&P 500 and the Nasdaq Composite. Futures linked to the S&P 500 saw a slight increase of 0.04%, while Nasdaq 100 futures gained 0.1%. Meanwhile, Dow Jones Industrial Average futures remained relatively steady.

Notably, Equifax, the credit bureau, experienced a decline of over 9% in extended trading after disappointing second-quarter guidance that fell short of Wall Street estimates. Similarly, Las Vegas Sands shares slipped by nearly 3% despite first-quarter revenue surpassing analysts' expectations.

Tech stocks, in particular, struggled on Wednesday, leading to the fourth straight losing session for both the S&P 500 and the Nasdaq Composite. Nvidia, a major player in artificial intelligence, played a significant role in pulling down these indexes with a nearly 4% drop. Concurrently, the 30-stock Dow experienced its seventh decline in eight sessions.

This market pullback adds to the challenges faced by Wall Street in the second quarter, as all three major indexes have shown a decline thus far in April. This stands in stark contrast to the stronger-than-anticipated performance observed in the first quarter. Additionally, the Dow, S&P 500, and the Nasdaq have closed below their respective 50-day moving averages.

Jason Hunter, JPMorgan's head of technical strategy, noted that the S&P 500 found initial support just below 5000 after the breakdown. He further mentioned the importance of watching the 5,150 to 5,200 level of the S&P 500 as crucial resistance.

On the economic front, forthcoming data on initial jobless claims and the existing home sales report for March is expected. Additionally, this earnings season is picking up steam, with Alaska Air Group and KeyCorp set to report results before the bell, followed by Netflix in the afternoon.

Looking at the Nasdaq Composite, it is on track for a 3% decline this week, marking its fourth consecutive weekly decline. If the index ends the week in negative territory, it will represent the longest weekly losing streak since December 2022. As it stands, the 3% decline already positions the Nasdaq for its worst weekly performance since January.

The market's downward trend can be attributed to the sharp decline in tech shares, as exemplified by the decrease in Nvidia's stock price. This decline has further dragged down the S&P 500 and the Nasdaq Composite, pushing these indexes deeper into negative territory for April.

Despite the challenges faced by the market, investors are watching closely to determine if there will be any potential bounces from the current support levels or if further breakdowns are to be expected. With key resistance levels in focus, market participants are awaiting upcoming economic data and earnings reports for potential insights into the market's future direction.