S&P 500 futures remained nearly flat on Thursday night following the benchmark index's impressive achievement of its third consecutive record close. Futures tied to the benchmark index experienced a slight dip of 0.1%, while Nasdaq 100 futures saw a decline of 0.2%. In contrast, Dow Jones Industrial Average futures rose by 131 points, translating to a 0.3% increase.
One of the standout performers in the market was UnitedHealth, which surged more than 9% after investment giants like Warren Buffett's Berkshire Hathaway and Michael Burry's Scion Asset Management disclosed their positions in the health insurer. Additionally, Intel saw an increase of over 3%, following a Bloomberg report suggesting that the Trump administration is in talks about the U.S. government potentially taking a stake in the company.
Thursday night's trading activities followed the S&P 500's ability to achieve a new all-time closing high, albeit with a narrow gain. Meanwhile, both the Dow and Nasdaq Composite experienced slight declines during the session. However, stocks managed to recover from earlier losses after the July producer price index exceeded expectations, which initially dampened investor enthusiasm that had built up after the consumer price index report released earlier in the week.
Tom Lee, head of research at Fundstrat Global Advisors, commented on the situation, stating, "I don't think that one data point is enough to change a thesis around the trajectory of inflation. Our base case remains that this is going to ultimately be viewed as transitory by the market."
This week, the Dow has shown significant strength, climbing 1.7% week-to-date. In comparison, both the S&P 500 and Nasdaq have gained approximately 1.2%. Notably, small caps have outperformed their larger counterparts, with the Russell 2000 index rising by an impressive 3.6%.
As investors prepare for Friday, they will closely monitor key economic indicators including import prices, consumer sentiment, and retail sales, all of which could provide further insights into the current economic landscape and potential market movements.
