(Reuters) – Futures linked to the S&P 500 and the Dow were moderated on Wednesday, a day after the blue-chip index surpassed 30,000, focusing on the weekly jobless claims report for clues as to whether an economic recovery was accelerating.
The Department of Labor report is expected to show that jobless claims fell slightly last week, although new restrictions in several states to control COVID-19 infections could again slow the labor market recovery. from a recession.
Hopes for a vaccine and recent data suggesting commercial activity would pick up next year have pushed the major Wall Street indices to record highs this month and set the S&P 500 benchmark on track to its best November ever.
Market participants said they expect US equities to climb even higher, with a recent Reuters poll showing the S&P 500 is poised to rise another 9% between now and the end of 2021. has risen 66% since the coronavirus crash in March and has risen by about 12.5% this year.
As investors have returned to cyclical sectors such as industry and energy, they will benefit the most from an economic recovery, the S&P value index gained around 11% this month after underperforming the benchmark all year.
However, on Wednesday, futures linked to the Nasdaq 100 outperformed those linked to the S&P 500 and the Dow, indicating that tech mega-caps could be favored as traders also await other crucial economic indicators to come later in the day.
At 6:53 am ET, Dow e-minis were down 63 points, or 0.21%, S&P 500 e-mini were down 2.75 points, or 0.08%, and Nasdaq 100 e-mini were increased by 30.5 points, or 0.25%.
Trading volumes are expected to be light ahead of the Thanksgiving holiday on Thursday.
Among individual stocks, Gap Inc fell in pre-market trading as the clothing retailer missed quarterly profit expectations on Tuesday.
Shriya Ramakrishnan’s reportage in Bengaluru; Editing by Arun Koyyur