Inventory futures barely greater earlier than the shortened session
The US stock index futures were slightly higher in day-to-day business on the Wednesday before the last trading day of the week with shortened public holidays.
The futures on the Dow Jones Industrial Average rose 48 points. S&P 500 futures rose 0.12% while Nasdaq 100 futures rose 0.08%.
The S&P 500 ended Wednesday’s session barely changed – up less than 0.1% – after slipping in the last few minutes of trading. Even so, the benchmark index suffered a three-day streak of bad luck. The Dow gained 114.32 points, or 0.38%, after rising more than 270 points at one point during the session. The Nasdaq Composite hit a record high before wiping out those gains and closing 0.29% lower.
“It was sold in the index-dominating tech names that weighed on the SPX, not in the general market weakness,” Vital Knowledge’s Adam Crisafulli said in a note. Netflix and Microsoft were among the declining tech names, falling 2.4% and 1.3% respectively.
The late-day decline came as investors took profits late in the year and President Donald Trump vetoed a comprehensive defense bill. The move came after calling the US $ 900 billion congressional aid package to Covid an inappropriate “shame”. The president looked specifically at direct payments, which were to be increased from $ 600 to $ 2,000.
House spokeswoman Nancy Pelosi agreed to Trump’s call for higher payments, saying House Democrats would seek unanimously to pass a standalone bill on Thursday.
The main averages are mixed up until the last day of the shortened vacation week. The Nasdaq is well on its way to end the week higher while the Dow and S&P 500 are slightly lower for the week. The Russell 2,000, which hit a new intraday and all-time high on Wednesday, is also higher for the week. Amid the strength of the small-cap names, the index is on its way to its eighth straight week of earnings – the longest weekly earnings streak since February 2019.
In terms of data, US jobless claims for the week ended December 19 were 803,000, better than an estimate of 888,000, according to economists polled by Dow Jones. However, both core durable goods and personal income fell below expectations in November.
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