Stock futures fall in overnight trading after Dow, S&P 500 close at record highs

3 weeks ago 22

U.S. banal scale futures declined successful overnight trading connected Sunday, aft the S&P 500 and Dow Jones Industrial Average closed astatine record highs connected Friday.

Futures contracts tied to the Dow slid 69 points, oregon 0.2%. S&P 500 futures dipped 0.3%, portion Nasdaq 100 futures were 0.34% lower.

Stocks are coming disconnected a week of gains arsenic net topped estimates and beardown economical information lifted the large averages. The S&P and Dow precocious 1.38% and 1.18% past week respectively for their 4th consecutive week of gains, portion the Nasdaq Composite posted its 3rd affirmative week successful a row.

Earnings play kicked disconnected past week erstwhile the large banks reported quarterly results, and a big of companies are acceptable to supply their updates this week. Ten Dow components volition report, on with 72 S&P 500 companies.

Coca-Cola, IBM and United Airlines are among the names acceptable to study net connected Monday.

Despite stocks trading astir grounds levels, UBS connected Friday lifted its forecast for the year. The steadfast present envisions the S&P 500 ending 2021 astatine 4,400, which is astir 5% supra wherever the benchmark scale closed connected Friday.

"While investing astatine all-time highs whitethorn beryllium daunting for some, we judge determination is much upside ahead," the steadfast wrote successful a enactment to clients. "Following 2 rounds of stimulus deployed successful the 4th and the ongoing vaccination effort, determination is increasing grounds that U.S. economical enactment is picking up. The latest jobs data, concern sentiment readings, and retail income each constituent to a beardown recovery."

The Russell 1000 Growth scale has outperformed implicit the past month, gaining 10% compared to the Russell 1000 Value index's 4% rise, clawing backmost immoderate of the caller losses aft a leap successful yields sparked a rotation retired of exertion and growth-oriented areas of the market.

Over the past 3 months worth stocks are inactive outperforming, however, and Bank of America believes there's much upside up for the group. On Friday analysts astatine the steadfast said to "stick with value," noting that it inactive trades astatine a "steep discount vs. maturation contempt the caller strength."

On the coronavirus front, White House main aesculapian advisor Dr. Anthony Fauci said helium expects the U.S. volition resume medication of the Johnson & Johnson vaccine. The Food and Drug Administration asked states past week to temporarily halt utilizing the azygous dose vaccine "out of an abundance of caution" aft six women developed a uncommon blood-clotting disorder.

"My estimation is that we volition proceed to usage it successful immoderate form," Fauci said Sunday during an interrogation connected NBC's "Meet the Press." "I uncertainty precise earnestly if they conscionable cancel it. I don't deliberation that's going to happen. I bash deliberation that determination volition apt beryllium immoderate benignant of informing oregon regularisation oregon hazard assessment."

Bitcoin pulled backmost implicit the weekend aft hitting an all-time precocious of $64,841 Wednesday morning, according to information from Coin Metrics. On Sunday evening the cryptocurrency traded astatine $55,805.

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