US stock index futures were slightly higher during Wednesday night trading ahead of the last trading day of the holiday shortened week.
Futures on the Dow Jones Industrial Average advanced 48 points. S&P 500 futures were up 0.12%, while Nasdaq 100 futures were up 0.08%.
The S&P 500 ended Wednesday’s session little changed – up less than 0.1% – after falling in the closing minutes of trading. Still, the reference index managed to break a three-day loss streak. The Dow achieved 114.32 points, or 0.38%, after an increase of more than 270 points during the session. The Nasdaq Composite hit a record high before erasing those gains and closing 0.29% lower.
“It sold in the index-dominant tech names that weighed on the SPX, not in the broad market weakness,” Vital Knowledge’s Adam Crisafulli said in a note. Netflix and Microsoft were among the tech names that fell 2.4% and 1.3% respectively.
The late-day decline came as investors took profits at the end of the year and when President Donald Trump vetoed a sweeping defense bill. The move came after he called Congress’s $ 900 billion Covid aid package – months in the making – an inappropriate “disgrace.” The president had a particular problem with direct payments, which he said should be increased from $ 600 to $ 2,000.
House speaker Nancy Pelosi agreed with Trump’s call for higher payments, saying House Democrats will unanimously attempt to pass a standalone law on Thursday.
Major averages are mixed towards the last day of the holiday shortened week. The Nasdaq is on track to end the week higher, while the Dow and S&P 500 are modestly lower this week. The Russell 2,000, which hit a new intraday and all-time closing price on Wednesday, is also higher for the week. Amid the strength of small cap names, the index is on track for its eighth consecutive week of gains – the longest weekly winning streak since February 2019.
As for the data, unemployment claims in the US totaled 803,000 for the week ending December 19, better than an estimate of 888,000 according to economists surveyed by Dow Jones. However, major durable goods and personal income both lagged expectations in November.
Subscribe to CNBC PRO for exclusive insights and analysis, and live programming of working days from around the world.