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Contracts related to major U.S. stock indexes fell early Friday morning as Wall Street appeared to be aiming to close record week with a dull note.
Dow futures pointed to an opening loss of about 240 points, while the S&P 500 and Nasdaq 100 futures also traded in negative territory.
Overtime movements occurred after a strong presentation of the Nasdaq Composite earlier in the day during the regular session.
The index rose to another record as investors bet on strong technology gains next week. The technology benchmark rose 0.6% to close at a new high, thanks in large part to 3.7% of Apple shares.
The Dow Jones Industrial Average and the S&P 500 had the darkest sessions, with the first falling 12 points and the second down less than 0.1% to a new high.
Hopes for a solid profit season from the country’s largest technology and communications stocks have kept the upward trend in megacap stocks and major indices close to records during the reduced holiday week.
Apple and Facebook have risen 7.7% and 8.6%, respectively, this week ahead of their quarterly results, while Microsoft has gained 5.8%.
Wall Street’s eyes are still on Washington as new President Joe Biden works to lay the groundwork for his Covid-19 and economic recovery agenda.
Investors are increasingly confident that Congress will consider a reduced version of Biden’s $ 1.9 trillion coronavirus relief. Some moderate senators have expressed doubts about the need for another bill, especially one with that price, less than a month after Congress approved a $ 900 billion stimulus in December.
Meanwhile, the Senate is expected to overwhelmingly confirm former Fed Chair Janet Yellen as Biden Treasury secretary on Friday. If confirmed, she would be the first woman to head the department.
In corporate news, IBM shares fell more than 6% in the extended session after the company reported fourth-quarter sales below what analysts expected. Revenue fell 6% in annualized terms, the fourth consecutive quarter of declines.