A jogger walks past in front of the New York Stock Exchange (NYSE) in New York, on June 17, 2020.
Michael Nagel | Bloomberg | beautiful images
US equities futures went flat on Thursday night after the S&P 500 again failed to hit a record high since February.
Dow Jones Industrial Average futures are up only 20 points, or 0.1%. Futures on the S&P 500 and Nasdaq 100 are also trading slightly higher.
The S&P index closed the normal session down 0.2%. Earlier in the day, it quickly traded above a record high to close at 3,386.15. The shift between profit and loss for the day comes as tech stocks get better, while the names that benefit from the reopening economy struggle.
Facebook, Netflix and Alphabet all closed higher, and Apple climbed to all-time highs. Meanwhile, Gap and American Airlines both fell at least 1.8%. JPMorgan Chase fell 0.6%.
Frank Cappelleri, executive director at Instinet, said: “SPX’s negative reversal and its inability to make a new high today will get a lot of headlines. But the sell-off of the day was less serious. much more so than on Tuesday, “Frank Cappelleri, chief executive officer at Instinet, said in a note. “Nothing has changed,” he added Thursday [its] bullish model. “
If the S&P 500 breaks out to hit a new record, it will be the fastest rebound of the index from a 30% historic drop, according to data compiled by Ned Davis Research.
The S&P 500 remained 0.7% higher for the week despite Thursday’s declines. The broader market index has also risen more than 50% from its intraday low set on March 23.
To be sure, sentiment was under control because lawmakers couldn’t seem to continue with the coronavirus stimulation bill.
House of Representatives Speaker Nancy Pelosi, D-Calif., Said she would not re-start talks with Republicans on the matter until they increased their aid offer by $ 1 trillion. White House Economic Advisor Larry Kudlow also told CNBC’s “Squawk on the Street” that the administration and Democrats are in a “deadlock.”
“Given the current fiscal impasse, it is highly unlikely that consumers will receive any additional financial support in August,” said Aneta Markowska, chief economist at Jefferies. “The outlook for September depends a lot on fiscal policy,” said Aneta Markowska, chief economist at Jefferies.
Registration CNBC PRO For exclusive insights and analysis, as well as live working day programming from around the world.