US stock futures were idle early in the trading day after the S&P 500 set a new record in its regular session.
Futures linked to the Dow Jones Industrial Average implied an opening profit of around 60 points. S&P 500 futures traded just above the flatline while Nasdaq 100 futures traded a little lower.
Pre-market moves were small, but stocks related to the recovering economy gained in early trading. Carnival Corp was up 1.5% after making two upgrades on Wall Street due to pent-up demand and a possible summer restart. JPMorgan added 0.9%. Tech stocks like Apple and Netflix pulled back slightly in early trading.
The yield on 10-year government bonds rose slightly. Government bond yields had pulled back from their recent highs on Thursday, with 10-year government bond yields at 1.6%.
The major averages are supposed to end the week higher. The Dow is up nearly 1.6% this week. The S&P 500 has gained more than 1.9% since Monday. The Nasdaq Composite gained more than 2.5% towards Friday.
On the data front, the producer price index, which measures wholesale price inflation, rose in March. March PPI data showed a 1.0% increase compared to a projected 0.4% increase among economists polled by Dow Jones.
The PPI was up 4.2% year over year, the largest annual increase in more than nine years.
Investors largely shook off an unexpected surge in unemployment claims from last week. The Department of Labor reported that total initial claims for the week ending April 3 totaled 744,000, well above the 694,000 expectation of economists polled by Dow Jones.
Federal Reserve Chairman Jerome Powell described Thursday’s recovery from the pandemic as “uneven,” suggesting a more robust recovery is needed.
“The recovery remains uneven and incomplete,” Powell said Thursday in a virtual event presented by the International Monetary Fund and hosted by CNBC’s Sara Eisen. “This unevenness that we are talking about is a very serious problem.”
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