Stock Market News: Dow Set to Open Down

view original post

U.S. stock futures were stalling Friday after ending a string of record closes.

Dow Jones Industrial Average futures fell 88 points, or 0.2%. Contracts tied to the S&P 500 fell 0.2%, and futures for the technology-heavy Nasdaq 100 slipped 0.1%. On Thursday, the Dow finished higher while the other two declined.

The retreat comes after optimism that artificial intelligence will bolster corporate profits lifted shares to new heights over the past week. Semiconductor maker Nvidia briefly became the biggest company by market capitalization, before Microsoft nudged back ahead of it by yesterday’s close.

“Some profit-taking has been observed after the AI surge pushed the S&P 500 and Nasdaq to record highs,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. “Falls in the market don’t appear to point to anything more meaningful than investors snapping up some profit.”

Bond yields were falling early Friday. The yield on the benchmark 10-year Treasury note was 4.237%, compared with about 4.255% Thursday. The two year yield was at 4.719%, down from 4.744%.