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S&P 500 Futures Slip After Index Hits Record

04/12/2021 | 02:55am EDT

By Joe Wallace

U.S. stock futures slipped Monday, signaling a muted opening for major indexes that stand at record highs ahead of a busy week of corporate earnings and economic data.

Futures tied to the S&P 500 edged down 0.2% after the benchmark stocks gauge posted its 20th all-time closing high of 2021 on Friday. Contracts for the Dow Jones Industrial Average, which also closed out last week at a record, ticked down 0.3%. Futures for the technology-heavy Nasdaq-100 index were relatively flat.

Shares of technology giants have taken back control of the rally in U.S. stocks over the past month, helping to push major indexes to a series of all-time highs. Investors' concerns about owning shares that are sensitive to rising interest rates have been assuaged by a retreat in yields on U.S. government bonds. Some say the shift into economically-sensitive sectors went too far at a time when major economies like the European Union and India are grappling with fresh coronavirus outbreaks.

Investors on Monday said they were positioning for the start of earnings season, as well as data that will help to gauge whether a coming burst of inflation will prove transitory. Inflation data due on Tuesday are expected to show consumer prices picked up in March.

"All of these things need to deliver in quite a Goldilocks manner for the current gains to remain intact," said Edward Park, chief investment officer at U.K. investment firm Brooks Macdonald. There's "a bit of a question mark in markets just saying: We're seeing strong gains; is this quite right?" Mr. Park said.

In bond markets, the yield on 10-year Treasury notes ticked down to 1.651%, from 1.664% Friday. Yields, which move in the opposite direction to bond prices, have fallen back from their closing high of 1.749% in late March, but are still up from a low of 0.915% in early January.

Brent-crude futures, the benchmark in international energy markets, fell 0.6% to $62.56 a barrel. The Organization of the Petroleum Exporting Countries is due to release a regular forecast of global supply and demand of oil Tuesday.

In overseas markets, European stocks edged down 0.3%, led by shares of basic-resource and retail companies.

Among individual European equities, shares of Suez rose roughly 8% in Paris after the French waste and water management company said Monday that it had agreed to merge with Veolia Environnement. Shares of French utility Veolia rose over 7%.

Stocks pulled back in major Asian markets. China's Shanghai Composite fell 1.1% by the close and Japan's Nikkei 225 lost 0.8%.

Write to Joe Wallace at Joe.Wallace@wsj.com

(END) Dow Jones Newswires

04-12-21 0455ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.66% 34777.76 Delayed Quote.12.88%
NASDAQ 100 0.78% 13719.628295 Delayed Quote.5.63%
NASDAQ COMP. 0.88% 13752.236737 Delayed Quote.6.70%
NIKKEI 225 0.09% 29357.82 Real-time Quote.6.97%
S&P 500 0.74% 4232.6 Delayed Quote.11.86%
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