Stock futures are little changed after Dow notches fresh record: Live updates

U.S. stock futures were little changed Thursday night after the Dow Jones Industrial Average notched a fresh record, heading for its best weekly winning streak since 2019.

Dow Jones Industrial Average futures fell by 10 points, or 0.03%. S&P 500 dipped 0.04%, and Nasdaq 100 futures rose 0.06%.

Wall Street is coming off yet another fresh record high for the Dow on Thursday, after notching its first-ever close above 37,000 on Wednesday. The 30-stock benchmark rose 158 points, or 0.43% at 37,248.35. The S&P 500 gained 0.26% to 4,719.55. The Nasdaq Composite rose 0.19% to 14,761.56.

The S&P 500 could soon join the Dow with its own all-time high. The broader index is less than 1.6% away from a record close set in January 2022. The Nasdaq is roughly 8% away from its highest-ever close, and about 9% from its all-time intraday high.

Stocks rallied this week after the Federal Reserve on Wednesday admitted that its efforts to tamp down inflation are taking hold, and indicated three interest rate cuts are coming in 2024, buoying investor sentiment. The November retail sales data that came in stronger than expected on Thursday, following this week’s cooler inflation readings, added to hopes the Federal Reserve could navigate a soft landing.

“What we heard from Fed Chair Powell was that it’s not about the economy, it’s not about financial conditions, it’s not about the jobs market. It’s about inflation and inflation have been coming down pretty far and fast,” Anastasia Amoroso, chief investment strategist at iCapital, told CNBC’s “Closing Bell” on Thursday.

“And if we’re at a point where inflation is 2.7%, by March, that consensus is expecting interest rates are still at 5.5%,” Amoroso said. “That’s a big gap that the Fed can do something about, meaning cutting rates.”

Treasury yields plunged this week. The 10-year Treasury yield fell to below 4% despite topping 5% in October.

The major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the Nasdaq Composite rose 2.5% this week.