By Joseph Woelfel, The Street–

1. — Stock Futures Retreat After Fed Signals Rates to Remain Near Zero

Stock futures tumbled Thursday after the Federal Reserve said it would keep interest rates low through at least 2023 and Fed Chairman Jerome Powell said the U.S. economy would continue struggling without help from Congress.

Contracts linked to the Dow Jones Industrial Average fell 246 points, S&P 500 futures were down 34 points and Nasdaq futures dropped 93 points.

Stocks ended mixed Wednesday, with tech stocks leading the retreat, as the Federal Reserve held interest rates at near zero and indicated they would remain there for the near-term future to assist the economy during the coronavirus pandemic.

The Dow ended higher by 36 points, or 0.13%, to 28,032. The S&P 500 finished down 0.46%, ending its three-day winning streak, and the Nasdaq dropped 1.25%.

Powell said Wednesday a U.S. economic recovery would depend largely on how well the country controls the coronavirus pandemic.

“A full economic recovery is unlikely until people are confident that it is safe to re-engage in a wide variety of activities,” Powell said.

The Fed chairman reiterated that further fiscal stimulus was needed after additional unemployment benefits expired.

Congress has been deadlocked on the size of the next coronavirus aid bill.

“When I look at where the stimulus talks are, the odds of something getting done are very, very slim,” said Joyce Chang, JPMorgan Chase’s global head of research. “Both sides are far apart.”

2. — Thursday’s Calendar: Jobless Claims and Housing Starts

The economic calendar in the U.S. Thursday includes weekly Jobless Claims at 8:30 a.m. ET, Housing Starts and Permits for August at 8:30 a.m. and the Philadelphia Fed Manufacturing Index for September at 8:30 a.m.

Economists put the number of Americans filing for first-time unemployment benefits at 850,000 for the week ended Sept. 12. Claims came in at 884,000 in each of the prior two reports.

3. — Oracle Reportedly Will Get Access to TikTok Code

Oracle will get full access to review TikTok’s source code to ensure there are no back doors used by TikTok’s Chinese parent ByteDance to gather data on the video-sharing app’s American users, Bloomberg reported, citing people familiar with the matter.

ByteDance and Oracle submitted these details in their proposal to the Trump administration with a goal of averting a sale of the app or a shutdown of its U.S. operations by the Sept. 20 deadline.

However, Bloomberg reported, the terms of the agreement seem to fall short of meeting national security concerns expressed by administration officials.

President Donald Trump said Wednesday he wasn’t happy with terms of the agreement that would allow ByteDance to retain a majority of TikTok’s assets, with Oracle acquiring a minority stake.

“Just conceptually, I can tell you I don’t like that,” Trump said.

“I’m not prepared to sign off of anything,” Trump said. “I have to see the deal.”

4. — Snowflake Cools Off After Blockbuster Debut

Snowflake shares were down 3.91% to $244 in premarket trading Thursday after the stock soared as much as 166% in its stock market debut.

Snowflake closed at $253.93 on Thursday after beginning trading Wednesday at $245 a share, well above its already increased initial public offering price of $120. The stock reached a high of $319 on Wednesday.

Snowflake’s initial public offering of $3.36 billion was the largest software-focused IPO ever and the biggest IPO in the U.S. this year.

According to TheStreet’s Eric Jhonsa, Snowflake is worth about $95 billion after accounting for outstanding stock options, restricted stock units and warrants. After backing out the roughly $4.5 billion in cash Snowflake possesses following its IPO and share sales to Berkshire Hathaway and Salesforce , the company has an enterprise value of around $91.5 billion.

Snowflake’s Extraordinary Post-IPO Valuation Warrants Some Caution

Such an enterprise value spells a valuation of 227 times Snowflake’s revenue of $403 million during its last four quarters. This valuation also is more than seven times higher than the $12.4 billion valuation Snowflake received in a February funding round.

5. — Southwest Grounds 130 Boeing 737-800 Jets

Southwest Airlines temporarily has grounded 130 Boeing 737-800 aircraft after it discovered discrepancies in aircraft weight data.

Southwest said in a statement that “out of an abundance of caution, we have temporarily ceased flying the respective aircraft to enter the correct weights of the aircraft in question into the system and reset the program.”

Southwest said the discrepancy in weight data was 75 pounds, according to a report from Reuters.

The airline said the temporary halt to flights would “cause some delays and/or cancellations; however, we anticipate the impact to our operation to be minimal.”

This article was originally published by TheStreet.