Business

Stock futures were little changed after the S&P 500 hit another record high


Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, December 8, 2021.

Brendan McDermid | Reuters

Futures were quiet on Monday night as Wall Street looked to build on its record highs in the final week of the year.

Futures contracts tied to the Dow Jones Industrial Average fell 14 points, while the S&P 500 index and Nasdaq 100 futures rose less than 0.1%.

Future moves come later Stocks rallied in Monday’s regular trading session, with the S&P 500 up about 1.4% to close at a record high. The Nasdaq Composite added 1.4%, while the Dow gained about 352 points.

Shares fell in late November due in part to an increase in the omicron variant of Covid 19, but have since rebounded as governments have largely avoided reinstating strict social distancing measures. strict. The Centers for Disease Control and Prevention announced on Monday that it has shorten its isolation recommendation for people who test positive up to five days from day 10, if those people are asymptomatic.

However, airline stocks struggled on Monday as the spread of the virus led to hundreds of flight cancellations around the Christmas holiday.

Stocks tend to rise in mild trading during the last days of the year, often referred to as the “Santa Clause rally”. Still, many Wall Street pundits predict a relatively small gain for stocks in 2022 after two strong years.

“If you look around on Wall Street, you see very low expectations and can reflect that we may be pretty late in the cycle,” said Jim Lacamp, senior vice president at Morgan Stanley Wealth Management.Closing bell. “

In addition to the S&P 500’s record close, the Dow is within 1% of its all-time high for the day, while the Nasdaq is about 2% below its all-time high.

For the year, the S&P 500 is up 27.6 percent for the year and the Nasdaq is up 23.1 percent. The Dow is lagging, up 18.6%.

It’s been a slow week for economic data, but investors will get a look at home prices on Tuesday when the October S&P/Case-Shiller home price index is released before the bell.

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