Traders work at the New York Stock Exchange (NYSE) in New York City, U.S., on May 8, 2024.
Brendan Mcdermid | Reuters
U.S. stock futures were little changed on Friday after the Dow Jones Industrial Average posted its longest winning streak dating back to December.
Futures linked to Dow Jones 30 Stock increased by 44 points, or 0.1%. S&P 500 Futures rose 0.09%, while Nasdaq 100 Futures gained 0.1%.
Wall Street is coming off a positive session for the main averages. The blue chip Dow advanced 0.85%, registering a seventh consecutive day of gains in the benchmark's best result since a nine-day winning streak in December. He S&P 500 gained 0.51%, closing above 5,200 for the first time since early April. Meanwhile, the Nasdaq Composite rose 0.27%.
Investors have been more optimistic lately after the Federal Reserve indicated that the next step is unlikely to be a hike, pointing to a cap on interest rates that could be bullish for stocks. A strong earnings season, as well as some weaker jobs data, have also bolstered confidence in the stock market outlook.
"The important thing in this whole context is: 'Are we in the early stages of a long-term bull market or not?'" Chris Hyzy, chief investment officer at Merrill and Bank of America Private Bank. "It feels comfortable to say it on a day like this, but in our opinion we are."
Stocks were on track to have a winning week as of Thursday's close. The Dow Jones has gained 1.8%. The S&P 500 and Nasdaq Composite rose 1.7% and 1.2%, respectively.
A group of central bank officials are scheduled to speak Friday, including Fed Chairs Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Austan Goolsbee of Chicago. Federal Reserve Governor Michelle Bowman will also make an appearance.
On the economic front, consumer confidence data for May due on Friday is expected to decline slightly to 76.0, down from 77.2.
