MARKET SNAPSHOT: Stocks Set To Snap Multiday Rally, Ahead Of Memorial Day Weekend
May 26 2017 - 8:39AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
Second reading of GDP set for release
U.S. stock-index futures pointed to a modest decline from record
levels on Friday, as investors found few reasons to keep pushing
shares higher after six straight daily gains, especially going into
a long holiday weekend.
Dow Jones Industrial Average futures slipped 33 points, or 0.2%,
to 21,030. S&P 500 index futures eased 4.15 points to 2,409.25,
a decline of 0.2%. Futures for the Nasdaq-100 index lost 6.25
points, or 0.1%, to 5,775.75.
The S&P 500 and Nasdaq Composite closed at fresh records on
Thursday
(http://www.marketwatch.com/story/us-stocks-poised-for-6-wins-in-a-row-but-opec-lies-in-wait-2017-05-25),
as U.S. stocks gained for a sixth straight session and shares of
Best Buy (BBY) surged on quarterly results. The S&P 500 rose
0.4% to close at 2,415.07, while the Nasdaq added 0.7% to end at
6,205.25. The Dow Jones Industrial Average climbed 0.3% to close at
21,082.95.
The S&P 500 logged its 19th record close of 2017, surpassing
the number of records set by the index in 2016. Double-digit gains
in large technology names have been among Wall Street's biggest
drivers this year.
See also:This top-heavy rally is built on 5 big tech stocks, but
here's why that's not a worry
(http://www.marketwatch.com/story/this-top-heavy-rally-is-built-on-5-big-tech-stocks-but-heres-why-thats-not-a-worry-2017-05-26)
Stock markets will be closed on Monday for the Memorial Day
holiday
(http://www.marketwatch.com/story/when-do-markets-close-for-memorial-day-2017-05-24),
but will see a regular day of trading Friday.
"It has been another great week for U.S. markets, notching up
further highs, although the prospect of long weekend in the U.S.
might well prompt some hesitancy this afternoon," said Chris
Beauchamp, chief market analyst at IG, in a note.
For the week, the Nasdaq was looking at a 2% advance. The
S&P 500 and the Dow industrials were on course for gains of
1.4% and 1.3%, respectively.
Data coming: A revision to gross domestic product for the first
quarter is due at 8:30 a.m. Eastern Time, with durable-goods orders
for April set to arrive at the same time. Final consumer sentiment
data for May from the University of Michigan will be released at 10
a.m. Eastern.
Federal Reserve Bank of St. Louis President James Bullard,
speaking in Tokyo on Friday, warned that the Fed and financial
markets are on different pages when it comes to the direction of
interest rates, according to a report in The Wall Street Journal
(https://www.wsj.com/articles/feds-bullard-says-markets-have-more-dovish-view-on-interest-rate-path-1495765216).
Markets have a more dovish view of the rate path, he said.
Read:Buoyant U.S. economy rides out rough political sea, but
more storms ahead
(http://www.marketwatch.com/story/buoyant-us-economy-rides-out-rough-political-sea-but-more-storms-ahead-2017-05-21)
Moving stocks: Shares of Nutanix Inc.(NTNX) rose 15% in thin
premarket trading after the cloud-computing company posted
better-than-expected financial results late Thursday.
Read:Nutanix spikes as bigger customers sign on to hybrid cloud
(http://www.marketwatch.com/story/nutanix-spikes-as-bigger-customers-sign-on-to-hybrid-cloud-2017-05-25)
Deckers Outdoor Corp.(DECK) share could be active after surging
late Thursday after the Ugg boots maker posted a surprise quarterly
profit
(http://www.marketwatch.com/story/deckers-outdoor-shares-surge-on-surprise-profit-outlook-2017-05-25).
Read:16 energy stocks that company executives love, regardless
of what OPEC does
(http://www.marketwatch.com/story/16-energy-stocks-that-company-executives-love-regardless-of-what-opec-does-2017-05-25)
Other markets:European stocks
(http://www.marketwatch.com/story/european-stocks-struggle-as-oil-auto-shares-pull-back-2017-05-26)
fell, though the FTSE 100 index
(http://www.marketwatch.com/story/ftse-100-at-all-time-high-with-the-pound-knocked-below-129-2017-05-26)
rose to an all-time high as the British pound fell below $1.29
after a poll showed a further narrowing of the Conservative Party's
lead before the June general election.
Oil prices bounced around
(http://www.marketwatch.com/story/oil-rise-slightly-as-some-investors-buy-in-wake-of-opecrelated-plunge-2017-05-26),
but were lately up about 22 cents, or 0.5%, to $49.12 a barrel, a
day after crude tumbled nearly 5% on disappointment that OPEC
didn't take more aggressive measures to cut production. Gold prices
rose $8.80, or 0.7%, to $1,265.20 an ounce.
Read:Here's a lesson OPEC could learn from soybean farmers
(http://www.marketwatch.com/story/heres-a-lesson-opec-could-learn-from-soybean-farmers-2017-05-25)
(END) Dow Jones Newswires
May 26, 2017 08:24 ET (12:24 GMT)
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