Stock futures are modestly lower Friday morning as the U.S. equities market takes a breather from a rally that has pushed major indexes to record high levels.
Futures tied to the Dow Jones Industrial Average were down 0.2% in recent trading, while those linked to the S&P 500 and Nasdaq were each off 0.1%. The S&P 500 closed at a record high on Thursday, the first time it’s done so since early December, while the Dow and Nasdaq Composite are less than 1% away from record closing highs of their own.
The Dow, S&P 500 and Nasdaq Composite are each up more than 2% so far this week, putting them on pace to post weekly gains for the second consecutive week. It’s a noteworthy turnaround for the major indexes, which were each riding two-week losing streaks before last week.
Stocks have posted solid gains the past four sessions amid optimism about generally strong corporate earnings reports, the prospects for AI-related business development and the pro-business measures being pursued by the new Trump administration.
Among companies in the spotlight this morning, shares of Dow component Boeing (BA) were down about 1.5% after the aircraft manufacturer released preliminary fourth-quarter results that came in weaker than analysts had anticipated. Shares of two other Dow members, American Express (AXP) and Verizon Communications (VZ), were down 0.5% and up 1%, respectively, after the companies reported their earnings.
Shares of Novo Nordisk (NVO) were up 11% after the pharmaceutical giant announced positive results from a trial of its amycretin obesity treatment. Software maker Twilio (TWLO) soared 18% after issuing rosy forecasts for the coming years.
Mega-cap technology stocks were mixed in premarket trading. Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Tesla (TSLA) were slightly higher, while Nvidia (NVDA), Microsoft (MSFT) and Broadcom (AVGO) inched lower.
Bitcoin was at $105,300 in recent trading, up from an overnight low around $103,000. The digital currency has gained 50% since the presidential election amid investor expectations the Trump administration will adopt policies that benefit the crypto market. On Thursday, Trump signed an executive order that establishes a working group intended to shape regulation and White House policy around crypto and other digital assets.
The yield on the 10-year Treasury, which correlates with expectations about where interest rates are headed, was holding steady at 4.64% this morning.
Gold futures were up 1% at around $2,790 an ounce, while WTI crude oil futures rose 0.5%.