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Home / Business / Stock futures open flat as S&P 500 struggles to reach record high in February

Stock futures open flat as S&P 500 struggles to reach record high in February



A runner passes in front of the New York Stock Exchange (NYSE) in New York, on June 17, 2020.

Michael Nagel | Bloomberg | Getty Images

US stock futures were flat on Thursday night after the S&P 500 once again failed to reach its record high since February.

The Dow Jones industrial average was just 20 points, or 0.1

%. The future S&P 500 and Nasdaq 100 also traded slightly higher.

S&P closed the regular session with 0.2%. Earlier in the day, it traded briefly on its high closing record of 3,386.15. Gyrations between gains and losses during the day came as tech stocks outperformed as names that would benefit from the reopening of the economy struggled.

Facebook, Netflix and the Alphabet closed higher and Apple came together at a higher time. Meanwhile, Gap and American Airlines both fell at least 1.8%. JPMorgan Chase slipped 0.6%.

“The negative return of the SPX and its inability to take new levels today will take a lot of headlines. But overnight sales were much less heavy than on Tuesday,” Frank Cappelleri, CEO at Instinet, told note. He added Thursday’s fall “did little to change [its] bullish models »

If the S&P 500 breaks for a new record, it would be the fastest recovery of the index from a 30% drop in its history, according to data compiled by Ned Davis Research.

The S&P 500 remained 0.7% higher for the week despite falling on Thursday. The broader market index also collected more than 50% from a low within the March 23 day.

Stimulating conversations

To be sure, the sentiment was kept under control as lawmakers appear unable to move forward with a bill to stimulate the coronavirus.

House Speaker Nancy Pelosi, D-Calif., Has said she will not begin talks with Republicans on the issue until they increase their $ 1 trillion aid offer. White House economic adviser Larry Kudlow also told CNBC’s “Squawk on the Road” that the administration and Democrats were in a “stalemate.”

“Given the current fiscal stalemate, it is extremely unlikely that consumers will receive any additional fiscal support in August. Needless to say, the outlook for September is highly dependent on fiscal policy,” said Aneta Markowska, chief economist at Jefferies, in a note.

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