Inventory futures flat till the top of the file week

John Nacion | NurPhoto | Getty Images

Contracts pegged to major US stock indices held around the flatline Thursday night as Wall Street tried to close the record week on a muted note.

Dow futures lost 27 points while S&P 500 futures rose slightly. Nasdaq 100 futures fell 5 points or less than 0.1%.

The after-hours moves came after a strong performance by the Nasdaq Composite earlier in the day during the regular session.

The index rose to another record high as investors placed bets on strong tech gains next week. The tech-heavy benchmark rose 0.6%, making new highs thanks in large part to a 3.7% gain in Apple shares.

The Dow Jones Industrial Average and S&P 500 both had muted sessions, with the former falling 12 points and the latter less than 0.1% to make another new high.

Hopes of a robust earnings season from the country’s largest communications and technology stocks saw mega-cap stocks trending upward and major indices near record highs during the holiday-cut week.

Apple and Facebook were up 7.7% and 8.6% respectively this week ahead of their quarterly results, while Microsoft was up 5.8%.

Wall Street’s eyes are still on Washington as new President Joe Biden works to lay the early groundwork for his Covid-19 and economic recovery agenda.

Investors are increasingly confident that Congress will consider a scaled-down version of Biden’s original $ 1.9 trillion coronavirus relief bill. Some moderate senators have expressed doubts about the need for another bill, particularly one with such a price tag, less than a month after Congress passed a $ 900 billion incentive in December.

Meanwhile, the Senate is expected to approve former Fed chair Janet Yellen as Biden’s Treasury Secretary by an overwhelming majority on Friday. If confirmed, she would be the first woman to head the department.

In company news, IBM shares fell more than 6% in the expanded session after the company reported fourth-quarter revenue that was below analysts’ expectations. Revenue declined 6% on a year-on-year basis for the fourth straight quarter of declines.

Comments are closed.