U.S. Equity Futures Resume Flirting With Record Highs
U.S. equity futures hit record highs on Friday, as traders continued to bet corporate earnings would not be tainted by supply chain pressures.
What is happening
Futures on the Dow Jones Industrial Average YM00,
increased 45 points, or 0.1%, to 35,874
Futures on the S&P 500 ES00,
increased 5 points, or 0.1%, to 4,648
Futures on the Nasdaq 100 NQ00,
increased 32 points, or 0.2%, to 16,054
Thursday, the Dow Jones Industrial Average DJIA,
was down 159 points, or 0.44%, to 35,921, after disappointing results from Walt Disney Co. DIS,
but the S&P 500 SPX,
rose 3 points, or 0.06%, to 4649, and the Nasdaq Composite COMP,
gained 82 points, or 0.52%, to 15,704.
What drives the markets
The stock market quickly overcame concerns over data released Wednesday showing accelerating inflation.
The Bank for International Settlements predicted this week that bottlenecks are expected to ease and that the direct inflationary effect is likely to be limited. This follows the view of the bond market, where yields remain contained despite soaring consumer prices to the highest level in 31 years.
âThe stock markets seem to be caught between opposing forces. Record real yields, a frenzy of corporate buyouts and further fiscal stimulus come up against fears of declining central bank liquidity, slowing profits next year and growth lower in China, âsaid Marios Hadjikyriacos, senior investment analyst at XM.
The economic calendar includes job posting data for September – which will provide the latest update for what has been dubbed the Great Resignation, the upward trend in quits – as well as preliminary data on consumer sentiment. for November.