Stock futures slightly higher ahead of holiday shortened session

US stock index futures were slightly higher in overnight trading on Wednesday before the last trading day of the holiday shortened week.

Futures on the Dow Jones Industrial Average advanced by 48 points. The S&P 500 futures rose 0.12%, while the Nasdaq 100 futures advanced 0.08%.

The S&P 500 ended Wednesday’s session slightly changed – rising less than 0.1% – after slipping in the last trading minutes. Still, the benchmark index managed to snatch a three-day losing streak. The Dow gained 114.32 points, or 0.38%, after rising more than 270 points at some point during the session. The Nasdaq Composite hit record highs before erasing those gains and closing 0.29% lower.

“It sold in the index-dominated technical names that weighed SPX, not broad market weakness,” said Adam Crisafulli of Vital Knowledge in a note. Netflix and Microsoft were among the technical names that fell and fell 2.4% and 1.3% respectively.

The late-day slippage came as investors took profits at the end of the year and as President Donald Trump vetoed a sweeping defense bill. The move came after he called Congress’s Covid $ 900 billion aid package. Dollars – months in a row – for an unsuitable “disgrace”. The president specifically addressed questions about direct payments, which he said should be raised from $ 600 to $ 2,000.

House Speaker Nancy Pelosi agreed with Trump’s call for higher payments and said House Democrats will seek to pass a single bill with unanimous consent Thursday.

The largest averages are mixed over on the last day of the holiday shortened week. Nasdaq is on track to end the week higher, while the Dow and S&P 500 are modestly lower for the week. Russell 2,000, which hit a new intraday and is constantly closing high on Wednesday, is also higher for the week. In the midst of the strength of small cap names, the index is on track for its eighth week of winnings – the longest weekly winning streak since February 2019.

On the data front, U.S. unemployment claims amounted to 803,000 during the week ending Dec. 19, better than an estimate of 888,000, according to economists asked by the Dow Jones. However, core values ​​and personal income both lasted expectations in November.

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