Stock futures are unchanged in overnight trading after the S&P 500 hit record highs
Traders on the floor of the New York Stock Exchange
Source: The New York Stock Exchange
Futures, which were pegged to key US stock benchmarks, were flat overnight on Thursday as Wall Street was expected to end the week with modest gains.
The Dow Jones Industrial Average futures fell 30 points. S&P 500 futures and Nasdaq 100 futures both traded about 0.1% lower.
Disney’s shares rose more than 2% in expanded trading after the company reported strong growth in paid streaming subscribers and hit expectations in its earnings report for the first quarter of fiscal 2021. Disney said it now has nearly 95 million paid subscribers to Disney + streaming service.
Key averages are on track to have a positive week at record levels, although the strong rally at the beginning of February appeared to be taking a breather. The blue-chip Dow fell slightly from a record on Thursday, while the S&P 500 and Nasdaq Composite both fluctuated and hit record highs.
The market recovered in the hope of a smooth economic reopening as well as additional Covid impulses. The Dow is up 0.9% this week, up 4.8% in February. The S&P 500 and Nasdaq are up 0.8% and 1.2%, respectively, since the start of the week, up 5.4% and 7.3% respectively this month.
“Between the ongoing medical and economic improvements, markets continue to expect a much better 2021, which has supported prices,” said Brad McMillan, chief investment officer at Commonwealth Financial Network, in a note. “Fourth quarter earnings are well above expectations and analysts are now revising their earnings estimates for 2021 upwards.”
President Joe Biden said Thursday his administration had signed contracts for an additional 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the US total to 600 million. He added that the US will have enough supplies for 300 million Americans by the end of July.
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