Traders on the floor of the New York Stock Exchange
Source: New York Stock Exchange
The futures related to the main US stock benchmarks were fixed in overnight trading on Thursday, as Wall Street seems to end the week with modest gains.
Dow Jones Industrial Media futures fell 30 points. The S&P 500 futures and the Nasdaq 100 futures both traded 0.1% lower.
Disney shares rose more than 2% in extended trading after the company reported a strong rise in paid streaming subscribers and shattered expectations in its earnings report for the first fiscal quarter of 2021. Disney said it now has nearly 95 of millions of paid subscribers on its Disney + service stream.
Major averages are well on their way to posting a positive week at record levels, although the strong rally that will begin in February seemed to be taking a breather. The Dow blue chip fell slightly from Thursday’s record, while the S&P 500 and Nasdaq Composite fluctuated and hit record highs.
The market has grown more and more as investors have remained hopeful for a smooth economic reopening, as well as an additional Covid stimulus. Dow gained 0.9% this week, bringing its February gains to 4.8%. The S&P 500 and Nasdaq rose 0.8% and 1.2%, respectively, this week so far, and amounted to 5.4% and 7.3% this month.
“Between the ongoing medical and economic improvements, markets continue to expect a much better 2021 and that has supported prices,” Brad McMillan, investment director at the Commonwealth Financial Network, said in a statement. “Fourth-quarter earnings are well ahead of expectations, and analysts are now adjusting their earnings estimates for 2021 and up.”
President Joe Biden said on Thursday that his administration had obtained bids for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the total to 600 million. He added that the US will have enough supplies for 300 million Americans by the end of July.
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