Economic news

Futures Ease after S&P 500, Nasdaq Hit Record Highs

U.S. stock index futures pulled back on Wednesday after the S&P 500 and the Nasdaq closed at record levels, with investors awaiting a report on monthly private job creation that will provide fresh hints on the health of the economy.

Positive updates on coronavirus vaccine have helped investors look past the record-breaking jump in infections and raise bets on a swift economic recovery next year, 

Pfizer Inc and BioNTech’s COVID-19 vaccine got the green light for use in Britain, the first Western country to approve a shot for COVID-19.

Meanwhile, U.S. officials on Monday unveiled details of their plan to distribute vaccines to millions of Americans starting later this month.

As pandemic-led restrictions continue to pose a threat to the labor market recovery, investors will keep a close eye on November’s private payrolls data, which is due at 8:15 a.m. ET (1315 GMT).

At 06:29 a.m. ET, Dow E-minis fell 113 points, or 0.38% and S&P 500 E-minis dropped 8.75 points, or 0.24%. Nasdaq 100 E-minis declined 23.75 points, or 0.19%.

Among individual stocks, Inc dropped about 4.5% as it agreed to buy workplace messaging app Slack Technologies Inc in a $27.7 billion deal as it bets on an extended run for remote working.

Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

Source: Reuters

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