US stock index futures were slightly higher in overnight trading on Wednesday, ahead of the last trading day of the shortened holiday week.
Dow Jones Industrial Average futures advanced 48 points. The S&P 500 futures rose 0.12%, while the Nasdaq 100 futures rose 0.08%.
The S&P 500 ended Wednesday’s slightly modified session – up less than 0.1% – after slipping in the last minute of trading. However, the benchmark managed to make a three-day loss. The Dow gained 114.32 points, or 0.38%, after rising more than 270 points at one point during the session. Nasdaq Composite reached a record high, before erasing these gains and closing 0.29% lower.
“It was sold in the technology names that dominate the index, which weighed on SPX, not on the broad market weakness,” Adam Crisafulli of Vital Knowledge said in a note. Netflix and Microsoft were among the technology names that fell, falling by 2.4% and 1.3%, respectively.
The end-of-day slide came as investors took profits by the end of the year, and President Donald Trump vetoed a defense bill. The move came after he called Congress’s $ 900 billion Covid aid package – a few months in the making – an inappropriate “shame.” The president had a special problem with direct payments, which he said should be raised from $ 600 to $ 2,000.
House Speaker Nancy Pelosi agreed with Trump’s request for higher payments and said House Democrats will seek to pass an independent bill on Thursday with unanimous agreement.
Major averages are mixed on the last day of the shortened holiday week. The Nasdaq is about to end the week above, while the Dow and S&P 500 are modestly lower for the week. Russell 2,000, which hit a new intraday level on Wednesday and closed all-time highs, is also higher for the week. Against the background of small capitalization names, the index is on its way to the eighth consecutive week of earnings – the longest series of weekly victories since February 2019.
In terms of data, US unemployment claims totaled 803,000 in the week ending December 19, better than an estimated 888,000, according to economists surveyed by Dow Jones. However, basic durable goods and personal income did not exceed expectations in November.
Subscribe to CNBC PRO for exclusive statistics and analysis, and live scheduling on weekdays around the world.