Stock futures are falling after the big averages after the first positive session in three

US stock index futures fell during overnight trading on Wednesday, eroding gains from the session’s major averages.

Futures contracts linked to the Dow Jones Industrial Average fell 31 points. S&P 500 futures were down 0.15%, while Nasdaq 100 futures were down 0.15%.

Shares rose during regular trading hours on Wednesday, breaking a two-day losing streak as companies tied to the reopening of the economy walked the way up. The Dow advanced 316 points or 0.93%, while the S&P 500 was up 0.93%. The Nasdaq Composite was the relative outperformer of the major indices, up 1.19%.

Small caps were a particularly strong point during the session, with the Russell 2000 ending the day 2.35% higher for his best day since March 1.

The Dow and S&P 500 are less than 1% away from regaining their all-time highs set last Friday amid persistent optimism about the pace of the economic recovery.

“Stocks continue to shoot at almost ‘all cylinders’ and remain in a strong position as the bull spreads across the cyclical, secular and increasingly defensive [sector] with an economy on the offensive, ” noted strategists at Evercore ISI. consolidate the powerful rally on top of the main support, ”the company said.

Thursday continues a busy week of earnings season with a large number of companies reporting quarterly results.

AT&T, DR Horton, Southwest, American Airlines, Union Pacific and Biogen are among the names on deck for the opening bell. Intel, Snap, Mattel, Boston Beer and Seagate Technology will report after the market closes.

Economic data released Thursday also gives investors a snapshot of the ongoing economic recovery. The first jobless claims will be released at 8:30 a.m.ET, with economists expecting a circulation of 603,000, according to Dow Jones estimates. Data on existing home sales will be released at 10 a.m. ET.

“Significant stimulus measures, with more coming from the Biden administration, have boosted economic forecasts and could push overall earnings per share expectations from the current consensus projection from $ 174 to $ 180- $ 185,” Citi’s Tobias Levkovich said in a recent note. “We think stocks are reflecting something closer to $ 190, suggesting that a lot has already been priced in and that any shortage could cause a meaningful downturn,” he added.