Finance News

US inventory futures rise barely as Wall Avenue closes a document week

Traders work after the closing bell on the New York Stock Exchange (NYSE) on Wall Street in New York City on August 12, 2019.

Johannes Eisele | AFP | Getty Images

US stock futures rose Thursday evening as traders were about to end a week in which the broader market hit record levels.

Dow Jones Industrial Average futures were trading 32 points, or 0.1%. The futures on the S&P 500 and Nasdaq 100 were also up 0.1%.

Earlier this week, the S&P 500 passed its late February high and hit a new all-time high. The Nasdaq Composite also hit a record on Thursday. The S&P 500 ended Thursday's session up 0.4% for the week, while the Nasdaq is up more than 2% to date.

The lion's share of those gains were driven by strong gains in big tech stocks. Apple is up nearly 3% this week to become the first publicly traded company in the US to reach a market valuation of $ 2 trillion. Amazon and Alphabet are up over 4% this week, and Microsoft is up 2.7% over that time.

"These are great companies that are likely to continue to generate solid earnings growth, but one has to wonder if their current stock prices aren't too enthusiastic," said Brian Price, director of investment management, Commonwealth Financial Network. "It would be constructive to the general health of the stock market to see broader breadth and other sectors show relative strength. We had some minor rallies in cyclical value sectors outside of the March lows, but none that did . " sustainable. "

However, sentiment was held in check this week by mixed economic data and a warning from the Federal Reserve.

The Department of Labor said Thursday that initial weekly jobless claims were above 1 million, beating a Dow Jones estimate of 923,000. Admittedly, the ongoing claims fell by more than 600,000.

On Wednesday the Fed released the minutes of its July meeting that the coronavirus pandemic would "have a short-term impact on economic activity, employment and inflation".

The latest data on existing home sales in the United States is expected to be released on Friday at 10 a.m. ET.

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