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Stock futures tick lower as markets look to end record-setting week

John Nacion | NurPhoto | Getty Forms

Contracts tied to the major U.S. stock indexes slipped Thursday evening as Wall Street appeared headed to wind up out the record-setting week on a muted note.

Dow futures lost 34 points while S&P 500 futures ticked no more than below the flatline. Nasdaq-100 futures fell 11.75 points, or about 0.1%.

The after-hours moves came after a striking showing from the Nasdaq Composite earlier in the day during the regular session.

The index rose to another record as investors set ventures for strong tech earnings next week. The tech-heavy benchmark climbed 0.6% to close at a new high in large district thanks to a 3.7% pop in Apple shares.

The Dow Jones Industrial Average and S&P 500 both had more muted sessions, with the quondam dipping 12 points and the latter up less than 0.1% to eke out another fresh high.

Hopes for a robust earnings mature from the country’s largest communications and tech stocks have kept the mega-cap stocks trending upward, and the important indexes near records, during the holiday-shortened week.

Apple and Facebook have risen 7.7% and 8.6%, separately, this week ahead of their quarterly results, while Microsoft has gained 5.8%.

Wall Street’s eyes are assuage turned toward Washington as new President Joe Biden works to lay the early foundation of his Covid-19 and economic recovery agenda.

Investors are increasingly self-confident a pared-down version of Biden’s original $1.9 trillion coronavirus relief bill will be considered by Congress. Some judicious senators have expressed doubts over the need for another bill, especially one with such a price tag, microscopic than one month after Congress passed a $900 billion stimulus in December.

Meanwhile, the Senate is expected on Friday to overwhelmingly clinch former Fed Chair Janet Yellen as Biden’s Treasury secretary. If confirmed, she would be the first woman to lead the pivot on.

In corporate news, shares of IBM fell more than 6% in the extended session after the company reported fourth-quarter purchasings below where analysts were expecting. Revenue fell 6% on an annualized basis, the fourth consecutive section of declines.

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