US stock futures rose lower on Friday, putting the S&P 500 on track to end the week with a muted profit after breaking its ninth record for 2021.
Futures linked to the S&P 500 slipped 0.3%, indicating a drop after the opening clock. Contracts linked to the Nasdaq 100 index declined 0.3%, indicating that technology stocks may also slide.
Stocks were low this week. The hope of a new round of stimulus spending by President Biden’s administration and the introduction of vaccines has led to a boom in the market for much of the year. The Federal Reserve also promised this week to continue with loose monetary policy until the economy is stronger.
At the same time, concerns about the rich stock valuations, ever-increasing coronavirus infection levels, new variants of the virus and the barriers facing vaccination programs in many countries, provide a respite for some investors.
“In the short term, it remains unclear when the closure will end and whether consumers will have to spend on travel and entertainment if they can,” says Willem Sels, chief investment officer of HSBC Private Banking and Wealth Management.