Stock futures mostly flat after Dow, S&P close at all-time highs

U.S. stock index futures were flat early on Wednesday, after the Dow and S&P 500 closed at record highs following the Senate passing the $1 trillion infrastructure bill. Futures contracts tied to the Dow Jones Industrial Average edged slightly lower. S&P 500 futures and Nasdaq 100 futures were flat.

During regular trading, the Dow gained 162.82 points, or 0.46%, while the S&P 500 advanced 0.1%. Both hit all-time intraday highs while also closing at records. The Nasdaq Composite slid 0.49%, registering its second negative session in the last three. The dip came as treasury yields advanced, weighing on growth-oriented areas of the market.

The Senate passed the infrastructure bill Tuesday, which earmarks $550 billion in new spending for areas including transportation and the electric grid. The bill now heads to the House, although Speaker Nancy Pelosi, D-Calif., has said she will not bring it to the floor until the Senate also passes a budgetary proposal. Cyclical areas of the market got a boost during trading, helped by both the bill’s passage and the rise in rates. The energy, materials, industrials and financials sectors all advanced more than 1%.

On the economic data front, July’s Consumer Price Index reading will be released on Wednesday. Economists surveyed by Dow Jones expect the index to have risen 0.5% last month, or 5.3% year over year. In June prices jumped 0.9%, which was the biggest monthly increase since August 2008. Earnings season continues on Wednesday with Wendy’s and Canada Goose among the names set to report prior to the opening bell. Lordstown Motors, eBay and Bumble are on deck for after-hour closes. Through Friday, 87% of the S&P 500 companies that reported quarterly results have beat earnings estimates. The same percentage of companies beat revenue estimates during that timeframe.

Stock futures mostly flat after Dow, S&P close at all-time highs, CNBC, Aug 11