A jogger passes on June 17, 2020 for the New York Stock Exchange (NYSE) in New York.
Michael Nagel | Bloomberg | Getty Images
US stock futures were flat on Thursday night after the S&P 500 again failed to reach its record high in February.
Dow Jones Industrial Futures were up just 20 points, or 0.1%. The S&P 500 and Nasdaq 100 futures are also trading marginally higher.
The S&P closed the regular session 0.2% down. Earlier in the day, it traded short above its record high of 3,386.15. The gaps between gains and losses through the day came when tech stocks were better than names that would benefit from the rebounding of the economy struggling.
Facebook, Netflix and Alphabet all closed higher and Apple rode to a very low. Meanwhile, both Gap and American Airlines fell at least 1.8%. JPMorgan Chase slides 0.6%.
“The negative reversal of the SPX and its inability to reach new heights today will receive a lot of headlines. But the day’s intra-day sales were much less serious than Tuesday,” said Frank Cappelleri, executive director. director at Instinet, in a note. He added Thursday’s fall “did not do much to change [its] bullish patterns. “
If the S&P 500 breaks for a new record, it would be the fastest recovery in the index from a 30% drop in its history, according to data compiled by Ned Davis Research.
The S&P 500 remained 0.7% higher for the week despite Thursday’s decline. The broader market index also has more than 50% rally from an intraday low set March 23rd.
Stimulus talks
To be sure, the sentiment was kept under scrutiny because legislators are unable to go ahead with a coronavirus stimulus letter.
Chamberlain Nancy Pelosi, D-Calif., Has said she will not restart talks with Republicans on the issue until they increase their $ 1 trillion holly offering. White House economic adviser Larry Kudlow also told CNBC’s “Squawk on the Street” that the administration and Democrats were at a “stalemate.”
“Given the current fiscal stalemate, it is highly unlikely that consumers will receive additional fiscal support in August. Needless to say, the outlook for September is highly dependent on fiscal policy,” said Aneta Markowska, chief economist at Jefferies, in a note.
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