Traders on the New York Stock Exchange
Source: New York Stock Exchange
Futures linked to major US stock benchmarks fell on Friday as Wall Street looked set to end the week with modest gains.
The Dow Jones Industrial Average futures fell 39 points. The S&P 500 and Nasdaq 100 futures traded down about 0.19% and 0.14%, respectively.
Disney shares jumped more than 2% in the extended trades after the company reported strong growth in paid streaming subscribers and crushed expectations in its earnings report for the first fiscal quarter of 2021. Disney said it now has nearly 95 million of paid subscribers on your Disney + streaming service.
The main averages are on track to post a positive week at record levels, although the strong recovery that began in February seemed like a pause. The blue-chip Dow fell slightly from a record high on Thursday, while the S&P 500 and Nasdaq Composite fluctuated and recorded closing highs.
The market rose as investors remained hopeful for a smooth economic reopening, as well as additional stimulus from Covid. The Dow Jones gained 0.9% this week, taking its February earnings to 4.8%. The S&P 500 and Nasdaq were up 0.8% and 1.2%, respectively, in the week to date, and were up 5.4% and 7.3% this month.
“Among the ongoing medical and economic improvements, markets continue to expect a much better 2021 and that has been sustaining prices,” said Brad McMillan, chief investment officer at the Commonwealth Financial Network, in a note. “Fourth-quarter earnings are staying well above expectations, and analysts are now adjusting their earnings estimates for 2021 upwards.”
President Joe Biden said on Thursday that his government had secured deals for another 200 million doses of Moderna and Pfizer’s Covid-19 vaccine, bringing the US total to 600 million. He added that the United States will have sufficient supplies for 300 million Americans by the end of July.
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