Futures rise after S&P 500 hits fresh record


US stock futures rose in overnight trading on Thursday after the S&P 500 set a new record in its regular session.

Dow futures rose 65 points. S&P 500 futures gained 0.25% and Nasdaq 100 futures rose 0.35%.

The most important averages continued to rise Thursday, supported by growth in technology stocks. The Dow Jones Industrial Average rose 57 points, supported by a gain of almost 2% Apples Warehouse.

The S&P 500 rose 0.42% to close at a record high for the second day in a row.

The Nasdaq Composite was the relative outperformer, gaining more than 1% Amazon, Netflix, Microsoft and google parents alphabet all closed higher.

Investors largely shook off an unexpected surge in unemployment claims from last week. The labor department reported Initial claims for the week ending April 3 totaled 744,000, well above the 694,000 expected by economists polled by Dow Jones.

Government bond yields fell from their recent highs, with 10-year government bond yields at 1.6%.

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 Sara Eisen. “This unevenness that we are talking about is a very serious problem.”

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.

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Robert Dunfee