Early Friday, U.S. stock futures showed minimal movement after a downturn in the major indices, prompted by a disappointing earnings forecast from retail leader Walmart.

The Dow Jones Industrial Average futures dipped by 14 points, or less than 0.1%. Similarly, S&P 500 futures saw a decline of 0.09%, while Nasdaq-100 futures remained close to unchanged.

In the previous trading session, the Dow dropped 450.94 points, or 1.01%. The S&P 500 decreased by 0.43% while retreating from its recent peak, and the Nasdaq Composite fell by 0.47%. Market analysts cited various factors for Thursday’s declines, with Walmart’s 6.5% drop being a primary concern, along with ongoing inflation worries and falling shares of Palantir.

Despite these concerns, Art Hogan, chief market strategist at B. Riley Wealth Management, suggested that the market’s fears might have been somewhat exaggerated. He predicted that upcoming economic data, including the latest purchasing managers’ index (PMI) figures and January’s existing home sales, would significantly influence the market’s direction as the week concludes.

“There’s a possibility of sufficient selling pressure drawing in margin hunters aiming to recover some of Thursday’s losses,” Hogan told CNBC in an interview. “Investors will likely gauge whether the previous day’s market moves were excessive, particularly if the PMIs and home sales data align with expectations.”

Hogan emphasized that he doesn’t foresee any economic indicators that could sharply alter market sentiment.

For the current week, the S&P 500 is on track for a slight increase of under 0.1%, while the Nasdaq Composite sees a decline of 0.3%. The Dow, however, is lagging behind with an expected 0.8% loss during this period.