Stock futures were lower Thursday after the market suffered three consecutive days of declines as the tech-powered rally faded. Futures on the Dow Jones Industrial Average fell 70 points, or 0.2%. S&P 500 futures were down by 0.2%, and Nasdaq-100 futures were 0.3% lower. Investors this week are taking profits on some of the winners that have been leading the stock market’s breakout. Tesla shares were down 3% in premarket trading after the second major Wall Street bank in as many days downgraded the high-flying retail trader darling that has doubled this year. Morgan Stanley analyst Adam Jonas, a longtime Tesla bull, revised his rating Thursday to equal weight from overweight. He said the stock presents “a more balanced risk reward” after its rally. Elsewhere, Boeing supplier Spirit AeroSystems dropped 9% in the premarket after the company halted production in its Kansas facility. This follows a worker strike announcement, set to start Saturday. Separately, Boeing shares also dropped about 3%. The S&P 500 slid 0.5% on Wednesday, marking its worst daily performance in June. The equity benchmark is now down 1% week to date, on pace to break a five-week win streak. This comes after the broader market index hit its highest level in more than a year last week. The tech-heavy Nasdaq Composite fell 1.2%, suffering its worst daily performance since June 7. Big winner in artificial intelligence AMD dropped 5.7% Wednesday, while Intel retreated 6%. The Dow Jones Industrial Average slipped 0.3%. Wednesday’s decline came as Federal Reserve Chair Jerome Powell after more rate hikes are likely ahead to combat inflation, pouring cold water on investors who had hoped the central bank was close to the end of its tightening cycle. “Powell said lowering inflation has a long way to go and that could very well mean that they won’t stop until the fall,” said Edward Moya, senior market analyst at Oanda. “If other central banks seem poised to deliver more than a couple rate hikes, that might make it easier for the Fed to remain aggressive with tightening.” The Fed kept rates steady at last week’s policy meeting after 10 consecutive hikes. However, officials indicated there could be two more quarter-percentage point increases this year. Powell will deliver his Semiannual Monetary Policy Report to the Senate Banking Committee on Thursday morning. Investors will look for further comments on inflation and interest rates. Investors digested higher-than-expected weekly jobless claims data Thursday morning. The Labor Department reported first-time filings for unemployment benefits totaled 264,000 for the week ended June 17. Economists polled by Dow Jones were expecting a total of 256,000. Asia-Pacific markets were mixed after U.S. Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2% has a long way to go.” In Japan, the Nikkei 225 closed down 0.92% at 33,264, dragged by electronic stocks, while the Topix ended up marginally at 2,296.5. South Korea’s Kospi closed up 0.43%, snapping three straight days of losses and closing at 2,593.7. The Kosdaq closed marginally higher at 876.38. Australia’s S&P/ASX 200 led losses in the region and slid 1.63%, its largest single-day decline in June, closing at 7,195.5. Elsewhere, markets in Hong Kong, mainland China and Taiwan are closed for a holiday Thursday. Oil futures dipped Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by $1.36, or 1.7%, to $75.78 a barrel and U.S. West Texas Intermediate (WTI) crude futures were down $1.30, or 1.8%, at $71.23. Gold prices ticked lower on Thursday, not far from a three-month low hit in the previous session, pressured by renewed talks of interest rate hikes by the U.S. Federal Reserve following Chair Jerome Powell’s congressional testimony. Spot gold fell 0.2% to $1,927.90 per ounce. U.S. gold futures eased 0.3% to $1,938.70.