Dow futures have changed little after a record close on Friday

Traders are working on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.

Spencer Platt | Getty pictures

Stock futures were idling overnight after the major US market indices reached record highs on Friday after a better-than-expected job report in October.

Futures on the Dow Jones Industrial Average were little changed. S&P 500 futures fell 0.1[ads1]% and Nasdaq 100 futures fell 0.2%.

The futures movement came after the US House of Representatives late Friday passed an infrastructure bill of more than $ 1 trillion, sending the law to President Joe Biden for his signature. The package adopted by the Senate in August will provide new funding for transport, tools and broadband, among other infrastructure projects.

The three major US stock averages each closed at record highs Friday to end a winning week. The Dow rose 203.72 points, or nearly 0.6%, on its sixth consecutive day. The S&P 500 received 0.4% for its seventh consecutive winning streak. Nasdaq Composite added 0.2% to launch its tenth positive session in a row.

The rally came after the job report in October came in better than economists had expected. U.S. payrolls added 531,000 jobs last month, according to the Department of Labor. Friday’s report also revised up the wage figures for September and August.

“The economy is definitely picking up speed,” JPMorgan’s David Lebovitz said on Friday on CNBC’s “Squawk on the Street.” “We expect economic growth to accelerate here towards the end of 2021 and the beginning of 2022.”

Earlier last week, the Federal Reserve announced a plan to begin phasing out its financial assistance from the pandemic by the end of November, and put the central bank on track to end its asset-buying program by mid-next year.

Investors are waiting for new inflation measurements in the coming week. The producer price index and the consumer price index are scheduled for release on Tuesday and Wednesday, respectively. Economists expect both reports to remain warm for October.

Companies including PayPal, Palantir and Disney report quarterly revenue this week.

Source link

Back to top button