Finance News

Inventory futures are rising barely after the S&P 500 struggled to hit document highs in February

US stock futures rose slightly on Thursday evening after the S&P 500 failed to hit its record high as of February.

The Dow Jones Industrial Average futures rose 48 points, or 0.2%. The futures on the S&P 500 and Nasdaq 100 also rose 0.2%.

The S&P closed the regular session down 0.2%. Earlier in the day, it briefly traded above its record high of 3,386.15. The variability between gains and losses over the day was due to tech stocks outperforming while names that would benefit from the economy reopening struggled.

Facebook, Netflix and Alphabet all closed higher and Apple rebounded to all-time highs. Meanwhile, both Gap and American Airlines have fallen by at least 1.8%. JPMorgan Chase was down 0.6%.

"The negative reversal of the SPX and its inability to hit new highs today will hit a lot of headlines. However, the one-day sell-off was much less severe than it was on Tuesday," Frank Cappelleri, executive director of Instinet, said in a note. He added Thursday's fall "did little to change bullish patterns".

If the S&P 500 breaks out for a new record, it would be the index's fastest rebound after a 30% decline in its history, according to Ned Davis Research.

The S&P 500 was up 0.7% for the week despite Thursday's decline. The broader market index has also rallied more than 50% from the March 23 intraday low.

Stimulus talks

However, sentiment was kept in check as legislators appeared to be unable to push a coronavirus stimulus bill.

House spokeswoman Nancy Pelosi, D-Calif., Said she will not resume talks with Republicans on the matter until they increase their offer of aid by $ 1 trillion. White House economic advisor Larry Kudlow told CNBC's "Squawk on the Street" that the government and Democrats are in a "stalemate".

"Given the current budgetary crisis, it is extremely unlikely that consumers will receive additional tax support in August. Of course, the outlook for September depends heavily on fiscal policy," said Aneta Markowska, chief economist at Jefferies, in a note.

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