Stock futures are little changed as the S&P 500 looks to hold on to record

Futures contracts tied to the major U.S. stock indexes were little changed Monday after the S&P 500 notched its best week since February, as well as a new record, on Friday. Futures tied to the S&P 500 hovered around the flatline and those linked to the Dow Jones Industrial Average fell 17 points. Nasdaq 100 futures traded up by 0.3%.

A massive, bipartisan infrastructure deal appeared revitalized as of Sunday evening after President Joe Biden clarified on Saturday that he doesn’t plan to veto the legislation if it comes without a separate reconciliation bill favored by Democrats. Republican senators then said on Sunday that the deal can move forward.

The president, flanked by a bipartisan group of senators, declared on Thursday that the group had reached a multibillion-dollar deal to improve the nation’s roads, bridges, waterways and broadband after weeks of negotiation. Democrats have been pushing for a second bill that would include funding for issues like climate change, child care, health care and education.

The S&P 500 ended Friday at a closing record high of 4,280.70, while the Dow rose 237.02 points and sits less than 2% from its record. While the Nasdaq Composite closed just lower on Friday, it added 2.35% for the week, its best since April 9 and is up 4.45% for the month of June. The weekly gains came even after the Commerce Department reported that its inflation indicator rose 3.4% in May, the fastest increase since the early 1990s.

Economists are expecting that nonfarm payrolls increased by 683,000 in June. While such a robust reading would top the 559,000 in May, it would still be below the 1 million some had hoped a recovering U.S. economy could post as it emerged from the Covid-19 crisis.

Investors will also pore over the June report for any signs of wage inflation as employers struggle to find workers to fill job openings and pandemic-era jobless benefits taper off in some states.

Stock futures are little changed as the S&P 500 looks to hold on to record, CNBC, Jun 28