Traders work on the ground of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.
Spencer Platt | Getty Images
Stock futures idled in in a single day buying and selling after the key U.S. market indexes reached record highs on Friday following a better-than-expected October jobs report.
Futures on the Dow Jones Industrial Average have been almost flat. S&P 500 futures have been little changed and Nasdaq 100 futures dipped 0.3%.
The strikes in futures buying and selling got here after the U.S. House of Representatives late Friday handed a greater than $1 trillion infrastructure invoice, sending the laws to President Joe Biden for his signature. The package deal handed by the Senate in August would supply new funding for transportation, utilities and broadband, amongst different infrastructure initiatives.
The three main U.S. inventory averages every closed at record highs Friday to cap off a profitable week. The Dow rose 203.72 factors, or almost 0.6%, in its sixth-straight place day. The S&P 500 gained 0.4% for its seventh profitable session in a row. The Nasdaq Composite added 0.2% to put up its tenth consecutive constructive session.
The rally got here after the October jobs report got here in higher than economists had anticipated. U.S. payrolls added 531,000 jobs final month, in response to the Labor Department. Friday’s report additionally revised up September and August payroll numbers.
“The economy is certainly picking up some momentum,” JPMorgan’s David Lebovitz stated Friday on CNBC’s “Squawk on the Street.” “We are expecting economic growth to accelerate here into the end of 2021 and the beginning of 2022.”
The Federal Reserve earlier final week introduced a plan to start tapering its pandemic-era financial support by the top of November, placing the central financial institution on observe to finish its asset buy program by the center of subsequent yr.
Investors await contemporary inflation readings within the week forward. The producer worth index and shopper worth index are slated for launch on Tuesday and Wednesday, respectively. Economists count on each studies to stay scorching for October.
Companies together with PayPal, Palantir and Disney report quarterly earnings this week.