Stock futures are flat with the S&P 500 on a new record

Futures of U.S. stocks remained steady in trading overnight on Wednesday after the S&P 500 rally, which saw the index cross the 4,500 level for the first time.

Dow futures rose 31 points. The S&P 500 futures gained 0.03% and the Nasdaq 100 futures were flat.

Shares of software giant Salesforce rose 2% in extended transactions after reporting second-quarter tax benefits and forward guidelines that exceeded analysts ’estimates. Ulta Beauty also rose 6% when trading after hours with strong results.

On Wednesday, the Dow Jones Industrial Average rose 39 points. The S&P 500 gained 0.22% to close on a record, led by stocks benefiting from economic reopening, such as airlines, cruise lines and financing. The average of 500 shares exceeded the 4,500 threshold for the first time on Wednesday, but closed below that level.

The Nasdaq Composite rose 0.15%, with a record close.

The yield on the 10-year benchmark treasury note rose to 1.352% on Wednesday, reaching its highest level since the beginning of the month, when it yielded to 1.364%.

“The yield on ten-year Treasury bonds has continued to rise in recent days and has exploded upwards [Wednesday’s] negotiations, sending a strong message that the Covid Delta variant could reach its peak in the United States, which should improve confidence, restart economic reopening, and drive investment flows toward small capitalizations and cyclicals, “Jim said. Paulsen, chief investment strategist of the Leuthold Group.

The highly anticipated Jackson Hole Symposium begins Thursday. In the event, central bankers could provide updates on their plan to reduce monetary stimulus. The Federal Reserve has been buying at least $ 120 billion worth of bonds a month to curb long-term interest rates and boost economic growth in response to the pandemic. President Jerome Powell will have to make statements on Friday.

“Expect investors to watch the Fed symposium the rest of this week for any comments on the reduction or timing of interest rate hikes,” Paulsen said. “Any unexpected Fed comment or a failure or success on the 4500 scale could bring additional volatility to the stock and bond markets.”

Last week’s unemployment claims data will be released on Thursday at 8:30 am ET. Economists surveyed by Dow Jones expect 350,000 Americans to report unemployment last week, compared to 348,000 the previous week.

Several companies reported their quarterly earnings on Thursday, including Dell Technologies, Gap, HP and Abercrombie & Fitch.