Stock futures are mildly lower after S&P 500 ekes out record close to start November
02 Nov 2021
Stock futures were slightly lower in overnight trading after the S&P 500 eked out a fresh record close Monday to kick off November.
Futures on the Dow Jones Industrial Average shed 51 points. S&P 500 futures were near the flatline and Nasdaq 100 futures were mildly lower.
All three major U.S. stock indexes hit new intraday highs and closed at records during Monday’s regular session.
The Dow rose 94.3 points, helped by gains in Boeing and Dow Inc. The S&P 500 rose nearly 0.2%. The Nasdaq Composite added 0.6%. The small-cap Russell 2000 gained 2.7%, its best daily performance since August.
Eight out of 11 S&P 500 sectors finished the session higher, led by energy.
Investors are eyeing a number of potentially market-moving events this week. The Federal Reserve’s highly anticipated Federal Open Market Committee meeting takes place this week. The October jobs report drops Friday. Third-quarter earnings season continues.
“The November FOMC meeting, October payrolls … and a host of earnings updates sets up a catalyst heavy week of trading ahead,” Goldman Sachs’ Chris Hussey said in a note.
Better-than-expected corporate earnings results boosted the U.S. stock averages to finish October at record highs, with the S&P 500 and Nasdaq posting their best months since November 2020.
As of Monday evening according to FactSet, 55.8% of S&P 500 companies have reported quarterly financial results, with 82% beating earnings estimates.