Stock Futures Edge Down After S&P 500 Hits Record – The Wall Street Journal
U.S. stocks edged lower Friday, but remained on track for monthly gains after a streak of strong earnings.
The Dow Jones Industrial Average fell 184 points, or 0.5%, to 33876 shortly after the opening bell. The S&P 500 lost 0.6%, though it stayed on track to notch its biggest monthly gain since November. The Nasdaq Composite declined 0.7%.
Investors have spent much of the month grappling with two competing dynamics: signs of a strong economic rebound, particularly in the U.S., and worsening Covid-19 cases elsewhere in the world that threaten to hamper the global recovery. Robust corporate earnings have helped major indexes hit records throughout the month. Data have also been encouraging, with figures released Friday showing U.S. household income surged by a record 21% in March.
But more recently, a surge in Covid-19 cases in Brazil and India and signs of weakening in China’s manufacturing sector have sapped some of investors’ optimism.
“That is where the market is, wrestling between those two,” said Edward Park, chief investment officer at Brooks Macdonald.