Daily Outlook

Stock futures rise slightly after equities snap six-day winning streak

U.S. stock rose slightly in overnight trading on Tuesday following the regular session that snapped a six-day winning streak on Wall Street. Dow futures rose 75 points. S&P 500 futures gained 0.25% and Nasdaq 100 futures rose 0.24%. Better-than-expected earnings from Twitter, Lyft, Cisco Systems, Mattel and Yelp boosted sentiment on Wall Street. Lyft reported signs of a recovery from the Covid-19 pandemic.

On Tuesday, stocks snapped a six-day winning streak, with the S&P 500 dropping 0.1%. The Dow Jones Industrial Average lost about 10 points. The Nasdaq Composite was the relative outperformer, gaining 0.15% as Facebook, Microsoft and Netflix all closed higher. The small-cap benchmark Russell 2000 gained 0.4% to an all-time high, bringing the index’s weekly gain to nearly 3%. Investors are betting on small caps as a proxy for an economic recovery from the pandemic.

Investors are also monitoring process on a Covid-19 stimulus package. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills. The Consumer Price Index report is scheduled to be released at 8:30 a.m. ET Wednesday. Economists expect a consensus 0.3% increase in the index, a measure of inflation, or a year-over-year gain of 1.5%, according to Dow Jones. Excluding food and energy, it is projected to rise by 0.1%.

Stock futures rise slightly after equities snap six-day winning streak, CNBC, Feb 10

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