U.S. stock futures idled in early trading Friday after the S&P 500 notched a fresh record in the regular session.
Futures tied to the Dow Jones Industrial Average implied an opening gain of about 60 points. S&P 500 futures hovered just above the flatline while Nasdaq 100 futures traded slightly lower.
Premarket moves were slight, but stocks linked to the recovering economy were gaining in early trading. General Electric and Carnival Corp were up 1%. JPMorgan added 0.9%. Tech stocks including Apple and Netflix pulled back slightly in early trading.
The 10-year Treasury yield ticked slightly higher.
The major averages rose on Thursday, bolstered by gains in technology stocks. The Dow Jones Industrial Average gained 57 points, helped by a near-2% gain in Apple’s stock.
The S&P 500 climbed 0.42% and closed at a record high for the second day in a row.
The Nasdaq Composite was the relative outperformer, gaining more than 1% as Amazon, Netflix, Microsoft and Google-parent Alphabet all closed higher.
Investors largely shrugged off an unexpected jump in jobless claims from last week. The Labor Department reported first-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones.
Treasury yields had retreated on Thursday from their recent highs with the 10-year Treasury yield hovering around 1.6%.
Federal Reserve Chairman Jerome Powell called the recovery from the pandemic “uneven” on Thursday, signaling a more robust recovery is needed.
“The recovery remains uneven and incomplete,” Powell said Thursday in a virtual event presented by the International Monetary Fund and moderated by CNBC’s Sara Eisen. “This unevenness that we’re talking about is a very serious issue.”
The major averages are set to end the week higher. The Dow is up nearly 1.6% this week. The S&P 500 has gained more than 1.9% since Monday. The Nasdaq Composite has rallied more than 2.5% heading into Friday.
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