A trader works on the New York Stock Exchange on March 3, 2020.
Michael Nagel | Xinhua via Getty
US stock futures barely changed on Tuesday evening as the market finished a successful first half of 2021 and second quarter.
Futures on the Dow Jones Industrial Average gained 14 points, or 0.04%. Futures on the S&P 500 rose 0.08%. Futures on the Nasdaq-100 added 0.18%.
Wednesday is the last day of the second quarter and the last day of the first half of 2021. For the year to date, the S&P 500 is up 14%, while the Nasdaq Composite and the Dow are each up 12%. For the quarter, the S&P 500 is up 8%. The S&P 500 and Nasdaq all posted new record closings on Tuesday.
Investors have shrugged off the high inflation figures and continued to buy stocks in hopes that an economic comeback from the pandemic would continue. The top three Dow winners this year are Goldman Sachs, American Express, and Walgreens Boots Alliance, all of which are up more than 30%. Chevron, Microsoft, and JPMorgan Chase are each up more than 20%.
Good first halves usually bode well for the rest of the year. Whenever there was double-digit growth in the first half of the year, the Dow and S&P 500 never ended this year with an annual decline, according to Refinitive data from 1950.
During Tuesday’s regular session, stocks barely changed in light trading, although the S&P 500 hit its fourth straight session and an all-time high. The Dow rose 9 points, or less than 1%. The S&P 500 ended the day 0.03% higher and the Nasdaq Composite ended the day 0.2% higher
Home builder stocks rose Tuesday after S&P CoreLogic Case-Shiller released its National Home Price Index, which showed home prices rose more than 14% year-over-year in April and several major US cities posted their highest annual gains recorded. Lennar shares rose nearly 1% and PulteGroup shares rose 1.9%.
The Conference Board’s consumer confidence index also reached its highest level since March 2020.
Weekly mortgage applications and pending home sales data are due to be released on Wednesday. Payroll company ADP is expected to report on the number of private payrolls in June.
Stocks are unlikely to see much movement until Friday’s labor market report gives a better idea of the state of the economy. According to a Dow Jones poll, economists expect 683,000 new jobs in June.
-With reports from Robert Hum.