Equity futures contract is inches higher after S&P 500 withdrew its record

Forward contracts linked to the major US stock index rose higher in the overnight session on Wednesday night after the S&P 500 retreated from record levels during the regular session.

Contracts linked to the Dow added 53 points, while those linked to the S&P 500 rose about 0.15%. Nasdaq 100 futures contracts advanced a similar 0.15%.

The shifts in the overnight session came after the S&P 500 declined from record levels during Wednesday’s regular session, as pressure on technical offsetting optimism led to the first round of large corporate earnings that far exceeded expectations.

The broad stock market fell 0.4% after reaching a new record early Wednesday. The Dow Jones Industrial Average averaged just 53 points.

The Nasdaq Composite lost about 1% during regular trading because Tesla fell by almost 4%, Netflix and Facebook each fell more than 2% and Amazon, Microsoft and Apple all fell by at least 1%.

With earnings in the first quarter, investors on Thursday will worry about financial results from snack company PepsiCo, asset manager BlackRock and Citigroup and Bank of America.

The season began in earnest on Wednesday with bank results, as Goldman Sachs climbed more than 2% after analysts’ expectations exceeded a record first-quarter profit and revenue from strong performance of the company’s stock and investment banking units.

JPMorgan Chase also showed the forecasts above and below, aided by a $ 5.2 billion benefit from the release of money it had previously set aside for loan losses. Bank shares have generally climbed this year, with the financial sector S&P 500 up almost 20% compared to 9.8% of the S&P 500.

Investors will review the latest Department of Labor report on Thursday on the number of Americans filing unemployment insurance claims for the first time. Economists polled by Dow Jones expect the government to report that another 710,000 filed claims for the first time during the week ended April 10.

Sales data, which are also available Thursday morning, are expected to show a sharp rise in consumer spending in March, with some economists seeing a gain of 10% or more thanks to the arrival of the $ 1,400 stimulus checks. The consensus forecast is a modest growth of 6.1%.

The Food and Drug Administration on Tuesday requested that the administration of J & J’s Covid-19 vaccine be suspended after six people in the USA developed a rare disease with blood clots. The announcement caused a sell-out in the reopening of plays earlier this week, but it is not expected to have a significant impact on the pace of the rollout of the U.S. vaccine.