Stock futures fell modestly Thursday evening as Wall Street looks to extend its year-end rally.
Dow Jones Industrial Average futures fell 110 points, or about 0.3%. S&P 500 futures and Nasdaq 100 futures each fell about 0.1%.
The movement in the futures comes immediately after a recovery day on Wall Street. He Dow rose 322 points, or about 0.9%, erasing most of its losses from Wednesday. He S&P 500 and Nasdaq Composite they rose 1.0% and 1.3%, respectively.
The small cap Russel 2000 led the way with a 1.7% gain on Thursday, continuing a recent trend of broadening the market's rally as bond yields fall and traders bet on rate cuts from the Federal Reserve. The small-cap index is on track for its sixth consecutive positive week.
"Basically, the trend is your friend. Right now the trend is bullish in stocks...Small and mid-cap companies really like the Fed to ease conditions," said John Spallanzani of Miller Value Partners in "Closing bell".
The three major averages are on track for their eighth consecutive positive week, the first for the S&P 500 since 2017 and for the Dow dating back to 2019. The S&P 500 is up 0.58% for the week, while the Dow has a profit. of 0.27%. The Nasdaq rose 1% in the period.
Nike could be a key stock to watch on Friday as the Dow component fell 11% in extended trading after warning about soft income in its fiscal second quarter earnings report. In terms of data, consumer spending and a key reading on inflation will be released before the bell rings on Friday morning.
The US stock market will be closed on Monday for Christmas.
