The
S&P 500 on Friday logged its best weekly performance in 20
following an agreement on President Joe Biden's $1.2 trillion
infrastructure spending deal and waning concerns about a sooner
-than-expected policy tightening from the Federal Reserve.
Both the S&P 500 and the Nasdaq hit record levels last week. But
the tech-heavy Nasdaq's 4.4% gain is outpacing its peers in June
as investors pile back into tech-oriented growth stocks on
waning worries about runaway inflation.
With the S&P 500 up almost 14% as the first half of 2021 draws
to a close, activity in some areas of the market indicates
concern over potential volatility, with some investors
suggesting the market may be overdue for a significant pullback.
At 6:41 a.m. ET, Dow e-minis were down 60 points, or 0.17% and
S&P 500 e-minis were down 2 points, or 0.05%.
Nasdaq 100 e-minis were up 23.5 points, or 0.16% as megacap
companies including Microsoft Corp, Amazon.com Inc and Facebook
Inc edged higher in premarket trading.
Quarterly results from Micron Technology, ConocoPhillips and
Walgreens are slated for this week. On the economic front,
attention will be on consumer confidence data, a private jobs
report and a crucial monthly nonfarm payrolls report.
Boeing Co fell 1.4% after the U.S. Federal Aviation
Administration told the planemaker that its planned 777X is not
yet ready for a significant certification step and warned it
"realistically" will not certify the airplane until mid- to
late-2023.
U.S-listed shares of Chinese tech giant Baidu rose 1.2% after
its smart electric vehicle venture with automaker Geely, Jidu
Auto, hired Frank Wu, formerly at Cadillac, to lead its design
studio.
(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing
by Maju Samuel)
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