Stock futures were little changed Friday morning, holding near record highs as investors sought impetus to buy or sell amid a quiet schedule of earnings and economic data.
Here were the main moves in markets, as of 7:55 a.m. ET:
S&P 500 futures (ES=F): -0.04%, or 1.25 points
Dow futures (YM=F): +0.07%, or 19 points
Nasdaq futures (NQ=F): +0.06%, or 5.5 points
10-year Treasury yield (^TNX): +2.8 bps to 1.936%
Gold (GC=F): -0.12% to $1,482.60 per ounce
The Dow stayed in positive territory Friday morning even as a near 2% decline in shares of component Nike (NKE) capped gains. The athletic-wear maker late Thursday announced quarterly earnings and revenue that topped expectations. However, a slight miss on margins and North American sales disappointed some on Wall Street after the stock hit a record high during Thursday’s session.
With corporate earnings winding down for the calendar year and economic data releases slowing to a trickle, investors have turned their attention to Washington. There, lawmakers have been clearing the decks before the close of the year, pushing forward several pieces of trade and government-funding legislation.
The House of Representatives on Thursday approved the U.S.-Canada-Mexico trade agreement after months of negotiating changes, sending forward a key piece of legislation touted by President Donald Trump a day after the chamber voted to impeach him. The agreement is set to be taken up by the Republican-controlled Senate next year, where it requires just simply majority to pass.
Also on Thursday, the Senate passed two spending bills to avoid a government shutdown that had been poised to begin Saturday. The legislation provides $1.4 trillion to fund the federal government and has already been approved by the House. The White House has said Trump will sign the bills, averting last year’s more than months-long partial government shutdown over funding for a U.S.-Mexico border barrier.
Separately, Friday’s session marks the final quadruple witching of the year. The quarterly event occurs when the stock futures and options expire on the same date, and typically brings with it increased trading volumes especially near market close. The S&P, Russell and Nasdaq indices are also poised to be rebalanced at the close.
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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
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2019-12-20 12:59:00Z
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