Dow Jones Industrial Average futures shed 30 points, while S&P 500 futures and Nasdaq 100 futures were down nearly 0.1%
U.S. futures were flat in overnight trading on Thursday as Wall Street looked set to wrap up the week with modest gains.
Dow Jones Industrial Average futures dropped 30 points. Both S&P 500 futures and Nasdaq 100 futures were nearly 0.1% down.
Shares of Disney rose more than 2% in extended trading after the company reported strong growth in the number of paid streaming subscribers and beat expectations in its earnings report for its fiscal first quarter of 2021. According to Disney, there are now nearly 95 million paid subscribers on its Disney+ streaming service.
The major averages are set to post a positive week at record levels, though the strong rally at the beginning of February seemed to fade a bit. The blue-chip Dow dropped a bit from record levels hit on Thursday, while the S&P 500 and the Nasdaq Composite both experienced movements and eked out record closing highs.
The market moved up as investors stayed hopeful for additional fiscal stimulus from the U.S. government and a smooth economic reopening. The Dow has added 0.9% this week, which brings its February gains to 4.8%. The S&P 500 rose 0.8%, while the Nasdaq added 1.2%, week to date, and rallying 5.4% and 7.3% respectively, this month.
Between the ongoing medical and economic improvements, markets continue to expect a much better 2021 and that has supported prices, Brad McMillan, chief investment officer at Commonwealth Financial Network, said in a note. Fourth-quarter earnings are coming in well ahead of expectations, and analysts are now adjusting their 2021 earnings estimates upwards.
Meanwhile, U.S. President Joe Biden said on Thursday that his administration has secured deals for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer. This brings the U.S. total to 600 million. He added the U.S. will have enough supply for 300 million Americans by end of July.