Stock futures are stable after major averages close at record highs
US stock index futures were little changed on Monday’s trading day after major averages hit record highs, boosted by strength in infrastructure stocks.
Futures contracts linked to the Dow Jones Industrial Average lost 23 points. S&P 500 futures were down 0.07%, while Nasdaq 100 futures were down 0.09%.
During regular trading, the top three averages hit new highs. The Dow Jones gained around 104 points, or 0.29%, setting its 44th year-end record. The S&P 500 added 0.09% and closed above 4,700 for the first time. The move pushed the broad stock index to its 64th record at the close of 2021. The Nasdaq Composite rose 0.07% to post its 11th consecutive positive session, the longest streak of daily wins since December 2019. high-tech index recorded its 44th record at the close of 2021..
Infrastructure-related stocks were among the biggest winners on Monday after the House passed the spending package on Friday night. Materials was S&P’s best performing group, up 1.23%, while Industrials closed at a record high.
“The adoption of the bill on traditional infrastructure is an important asset for the economy and the markets, as it should lead to a positive return on investment. [return on investment] for the country, ”said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
“Infrastructure is one of those expenses that is really an investment – with an expected positive return on the money spent – as opposed to a pure expense, with relatively little chance of getting the money back,” he said. -he adds.
Strong earnings results also helped stocks reach new highs. As of Monday morning, 445 components of the S&P 500 have released quarterly results, 81% beating earnings estimates. In terms of turnover, 76% of companies exceeded expectations.
Most of the index may have signaled, but there are still widely watched reports on the bridge. DR Horton will report ahead of Tuesday’s opening, while Wynn Resorts and Coinbase will provide updates when the market closes.
“With the end of the third quarter earnings season, economic data and progress in economic reopening will gain prominence in investor attention by the end of the year,” noted John Stoltzfus, chief strategist. investments at Oppenheimer Asset Management.
Key inflation data will be released this week, with the producer price index reading on Tuesday, followed by the consumer price index on Wednesday.
Economists polled by Dow Jones expect producer prices to rise 0.6% month over month in October. The consumer price index is also expected to post a jump of 0.6% from the previous month.