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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 8, 2024.
Brendan Mcdermid | Reuters
U.S. stock futures were little changed on Thursday night after the Dow Jones Industrial Average posted its longest win streak going back to December.
Futures linked to the 30-stock Dow rose by 33 points, or 0.08%. S&P 500 futures climbed 0.04%, while Nasdaq 100 futures gained 0.04%.
Wall Street is coming off a positive session for the major averages. The blue-chip Dow advanced 0.85%, registering a seventh straight day of gains in the benchmark’s best showing since a nine-day win streak in December. The S&P 500 gained 0.51%, closing above 5,200 for the first time since early April. Meanwhile, the Nasdaq Composite rose 0.27%.
Investors have been more optimistic lately after the Federal Reserve indicated the next move is unlikely to be a hike, pointing to a cap on interest rates that could be bullish for equities. A strong earnings season, as well as some softer labor data, have also bolstered confidence in the stock outlook.
“What’s important in all of this context is, ‘are we in the early stages of a long-term bull market or not?'” Chris Hyzy, chief investment officer of Merrill and Bank of America Private Bank. “It feels comfortable saying it on a day like this, but we are, in our opinion.”
Stocks were on pace for a winning week as of Thursday’s close. The Dow has gained 1.8%. The S&P 500 and the Nasdaq Composite were higher by 1.7% and 1.2%, respectively.
A slate of central bank officials are scheduled to speak Friday, including Fed presidents Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Austan Goolsbee of Chicago. Fed Governor Michelle Bowman will also make an appearance.
On the economic front, May consumer sentiment data that’s due out Friday is expected to ease slightly to 76.0, down from 77.2.
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