US stock index futures were slightly higher in overnight trading on Wednesday, ahead of the last day of trading on the holiday term.
Futures on the Dow Jones Industrial Average advanced by 48 points. S&P 500 futures rose 0.12%, while Nasdaq 100 futures rose 0.08%.
The S&P 500 ended its session on Wednesday changed little – up less than 0.1% – after slipping in the last minutes of trading. Nevertheless, the benchmark managed to break a three-day losing streak. The Dow gained 114.32 points, or 0.38%, after rising by more than 270 points at one point. The Nasdaq Composite reached a record high, before clearing those gains and closing 0.29% lower.
“It was sold in index-dominant technology names that were important to SPX, not a broad market weakness,” said Adam Crisafulli of Vital Knowledge. Netflix and Microsoft were among the technology names that fell, falling 2.4% and 1.3%, respectively.
A late day came when investors made a profit at the end of the year, while President Donald Trump vetoed a comprehensive defense law. The move came after he called Congress’ $ 900 billion Covid aid package – in preparation for months – an inappropriate “disgrace.” The president specifically referred to direct payments which, he said, should be raised from $ 600 to $ 2,000.
House Speaker Nancy Pelosi agreed with Trump’s call for bigger payments and said House Democrats would unanimously agree to pass a stand-alone bill Thursday.
The main averages are mixed according to the last day of the week shortened by the holidays. The Nasdaq is well on its way to finishing the week higher, while the Dow and S&P 500 are modestly lower for this week. Russell 2000, which reached a new intraday and highest closing level on Wednesday, is also higher for this week. Amid strength in small names, the index is on track for its eighth consecutive week of gains – the longest winning streak of the week since February 2019.
In terms of data, U.S. unemployment claims stood at 803,000 during the week ended Dec. 19, better than the estimate of 888,000 according to economists polled by Dow Jones. However, basic durable goods and personal income did not meet expectations in November.
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