Friday April 9th

9-04-2021

Stock futures are little changed after S&P 500 hits fresh record

U.S. stock index futures idled in early trading Friday after the S&P 500 notched a fresh record in the regular session. Futures tied to the Dow Jones Industrial Average implied an opening gain of about 60 points. S&P 500 futures hovered just above the flatline while Nasdaq 100 futures traded slightly lower. Premarket moves were slight, but stocks linked to the recovering economy were gaining in early trading. Carnival Corp rose 1.5% after getting two upgrades on Wall street amid pent-up demand and potential summer restart. JPMorgan added 0.9%. Tech stocks including Apple and Netflix pulled back slightly in early trading. The 10-year Treasury yield ticked slightly higher. Treasury yields had retreated on Thursday from their recent highs with the 10-year Treasury yield hovering around 1.6%. The major averages are set to end the week higher. The Dow is up nearly 1.6% this week. The S&P 500 has gained more than 1.9% since Monday. The Nasdaq Composite has rallied more than 2.5% heading into Friday. The major averages rose on Thursday, bolstered by gains in technology stocks. The Dow Jones Industrial Average gained 57 points, helped by a near-2% gain in Apple’s stock. The S&P 500 climbed 0.42% and closed at a record high for the second day in a row. The Nasdaq Composite was the relative outperformer, gaining more than 1% as Amazon, Netflix, Microsoft and Google-parent Alphabet all closed higher. Investors largely shrugged off an unexpected jump in jobless claims from last week. The Labor Department reported first-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones. Federal Reserve Chairman Jerome Powell called the recovery from the pandemic “uneven” on Thursday, signaling a more robust recovery is needed. “The recovery remains uneven and incomplete,” Powell said Thursday in a virtual event presented by the International Monetary Fund and moderated by CNBC’s Sara Eisen. “This unevenness that we’re talking about is a very serious issue.” Shares in Asia-Pacific were mostly lower on Friday after the S&P 500 on Wall Street cruised to yet another record closing high overnight. Hong Kong’s Hang Seng index declined 1.07% to close at 28,698.80.  Mainland Chinese stocks closed lower as the Shanghai composite shed 0.92% to 3,450.68 while the Shenzhen component slipped 1.263% to 13,813.31. In Japan, stocks bucked the overall downward trend regionally. The Nikkei 225 rose 0.2% to close at 29,768.06 while the Topix index advanced 0.39% to finish its trading day at 1,959.47. South Korea’s Kospi fell 0.36% on the day to 3,131.88. Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic. Brent crude futures for June slid 11 cents to $63.09 per barrel while U.S. West Texas Intermediate (WTI) crude for May was flat at $59.60 per barrel. Gold retreated on Friday from a more than one-month peak hit in the previous session, weighed by a rebound in the dollar and U.S. Treasury yields, though it was still on course to register its first weekly gain in three. Spot gold fell 0.6% to $1,745.99 per ounce at 0914 GMT, having hit its highest since March 1 at $1,758.45 on Thursday. For the week, prices were up 1% so far. U.S. gold futures slipped 0.7% to $1,745.20.