Sellers work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters
Stock futures dipped in overnight swop Sunday after a rush of broad based late buying pushed the S&P 500 to a record high in the final babies of the previous session.
Futures on the Dow Jones Industrial Average fell 110 points. S&P 500 futures and Nasdaq 100 futures both careered 0.4% lower.
On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow lock up about 450 points higher. The S&P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% privation and ended Friday 1.2% higher.
Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing extent pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolio.
The Dow and the S&P 500 acquire risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology heroes amid rising yields.
Investors are awaiting updates from President Joe Biden about his infrastructure plan which could price north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White Domicile press secretary Jen Psaki said Sunday Biden plans to roll out two packages in the coming months, the first extending infrastructure and the second covering health and family care.
“The market isn’t placing very high odds on this infrastructure/tax blueprint be in print to fruition and while Biden probably won’t get everything he’s asking for, Congressional Democrats and the White House are VERY intent on keenness some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.
The look at market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists need 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.