Dow futures dip as Wall Street aims for eighth-straight winning week: Live updates

Stock futures were modestly lower on Thursday evening as Wall Street looks to extend its year-end rally.

Futures for the Dow Jones Industrial Average slid 104 points, or about 0.3%. S&P 500 futures and Nasdaq 100 futures were each down about 0.1%.

The move in futures comes on the heels of a bounce-back day on Wall Street. The Dow rose 322 points, or about 0.9%, erasing most of its losses from Wednesday. The S&P 500 and Nasdaq Composite rose 1.0% and 1.3%, respectively.

The small-cap Russell 2000 led the way with a gain of 1.7% on Thursday, continuing a recent trend of the market rally broadening out as bond yields fall and traders bet on rate cuts from the Federal Reserve. The small-cap index is on pace for its sixth straight positive week.

“Basically, the trend is your friend. Right now the trend is up in stocks. … Small-caps and mid-caps really like easing conditions by the Fed,” John Spallanzani of Miller Value Partners said on “Closing Bell.”

Nike could be a key stock to watch on Friday, as the Dow component was down 11% in extended trading after warning of soft revenue in its fiscal second-quarter earnings report. On the data front, consumer spending and a key inflation reading are due out before the bell on Friday morning.

The three major averages are on pace for their eighth positive week in a row — a 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 gain of 0.27%. The Nasdaq is up 1% in the period.

The U.S. stock market will be closed on Monday for Christmas.