Stock futures are flat in overnight trading after Dow closes above 34,000 for the first time

3 weeks ago 23

Traders connected the level of the New York Stock Exchange.

Source: NYSE

Stock futures were small changed successful overnight trading connected Thursday aft the Dow Jones Industrial Average crossed the 34,000 threshold for the archetypal clip ever.

Futures connected the Dow Jones Industrial Average gained 10 points. S&P 500 futures traded adjacent the flatline and Nasdaq 100 futures dipped 0.2%.

During regular trading hours, the blue-chip Dow roseate 300 points to apical the 34,000 milestone amid blowout economical data. The S&P 500 and the Nasdaq Composite gained much than 1% each connected Thursday.

"The Dow's propulsion done 34,000 is simply a awesome that capitalist appetite for aboriginal maturation prospects is spilling implicit into much value-oriented names," said Peter Essele, caput of portfolio absorption astatine Commonwealth Financial Network. "The request for industrials and much cyclically-oriented areas should proceed arsenic the vaccines instrumentality clasp and net perchance travel successful higher than primitively expected."

Investor sentiment was boosted by economical information connected Thursday that pointed to a rebound successful user spending and the jobs market.

Retail income jumped 9.8% successful March arsenic further stimulus sent user spending soaring, topping the Dow Jones estimation of a 6.1% gain.

Meanwhile, U.S. jobless claims dropped to the lowest level since March 2020. The Labor Department reported 576,000 first-time filings for unemployment security for the week ended April 10. Economists polled by Dow Jones expected a full of 710,000.

"Retail sales, overmuch similar each different information constituent successful the past month, is the polar other of the aforesaid play a twelvemonth ago," said Jamie Cox, managing spouse for Harris Financial Group. "The information were off-the-charts horrible, present the information are off-the-charts terrific. It's what happens from present that matters."

The first-quarter net play started connected a precocious enactment with large banks reporting results supra expectations. Morgan Stanley is acceptable to merchandise its net Friday earlier the bell.

Wall Street is poised to wrapper up different winning week. The S&P 500 has gained 1% this week, connected gait for its 4th consecutive affirmative week. The Dow has climbed 0.7%, portion the Nasdaq is up 1% done Thursday.

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