Inventory futures flat after markets hit information in earlier session, Biden takes workplace
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US stock futures were flat in night trading on Wednesday after key averages hit record highs on the opening day.
Dow futures rose 24 points. The S&P 500 futures rose 0.15% and the Nasdaq 100 futures rose 0.2%.
Major US carrier United fell more than 2% in expanded trading on Wednesday after missing the income statement for its quarterly results. The airline warned sales would continue to suffer in early 2021 as the coronavirus pandemic drags on.
U.S. stocks rose to record highs on Wednesday as recent strong corporate earnings hit when Joe Biden was sworn in as commander in chief.
The Dow Jones Industrial Average rose more than 250 points and closed on a record high. Microsoft had the most positive impact on the Dow, adding 52 points to the index.
The S&P 500 rose 1.4% to hit an all-time high.
The Nasdaq Composite gained almost 2% and closed with a record high. The tech-heavy index was helped by a 16% increase in Netflix stock on the back of strong earnings and subscriber results from the streaming giants.
The Russell 2000 small-cap benchmark fell 0.44%.
Biden was sworn in as the 46th US President on Wednesday, succeeding former President Donald Trump. During an inaugural address in which he urged Americans to reject efforts to sow the seeds of division and promised to work for those voters who did not support him, Biden stated, “Democracy has prevailed.” Biden is expected to work on his proposed $ 1.9 trillion coronavirus aid bill.
Wednesday “may have less to do with the opening than the start of a new earnings season and with investors taking advantage of recent performance to take the pressure off winners to add some unfavorable new-era stocks that may hold leadership positions.” Good earnings quarter, “said Jim Paulsen, Chief Investment Strategist at the Leuthold Group.
“Perhaps it is simply reflecting a globally synchronized economic recovery, fueled by unprecedented momentum and convergence with vaccinations. With that in mind, it can rise regardless of who is president,” Paulsen added.
The winning season continues on Thursday. Baker Hughes, Union Pacific and Citrix report before the bell. Intel, IBM and CSX report after the closing bell on Thursday.
The Department of Labor will publish last week’s unemployment claims data on Thursday at 8:30 am. Economists polled by Dow Jones expect 925,000 Americans to apply for unemployment last week, compared to 965,000 the previous week.