Equity futures slide marginally after setting new record for S&P 500

Texas News Today

A professional trader works in a booth on the floor of the New York Stock Exchange (NYSE) on October 6, 2021 in New York City.

Brendan McDermid | Reuters

Equity futures fell slightly in Thursday night’s trade after hitting new highs in the S&P 500.

The Dow Jones Industrial Average futures fell 15 points. S&P 500 futures fell 0.3% and Nasdaq 100 futures fell 0.7%.

In a regular session on Thursday, the S&P 500 hit a one-day high and a new record. The broad index rose 0.3% in seven consecutive positive sessions. The Nasdaq Composite rose 0.6%, while the Dow fell 6.26 points (0.02%).

Investors have digested many corporate earnings reports. Tesla shares closed up 3% on Thursday to support the S&P 500 and the Nadak Composite.

Despite adverse supply chain and inflationary conditions, companies have been making high profits so far in this third quarter reporting session. According to FactSet, as of Thursday after the bell, 82.6% of the 101 S&P 500 members who reported their financial results exceeded earnings expectations.

Victoria Fernandez, Chief Market Strategist, Crossmark Global Investments, said:

Strong employment data has also added to the positive market sentiment. The Labor Ministry reported Thursday that its first jobless bill fell to a pandemic low of 290,000 last week. It was 6,000 lower than the previous week, lower than the 300,000 expected by economists surveyed by the Dow Jones.

All three major averages are on track, rising for the third week in a row and week above. That month, all three indexes were up at least 5%.

Investors await Friday’s earnings reports from companies such as American Express, Honeywell, Schlumberger and Cleveland Cliffs.

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