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Futures Tepid after SP 500 Ends at Record Level

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U.S. stock index futures were subdued on Friday as a rise in bond yields weighed on richly valued technology stocks a day after the SP 500 closed at a record high.

Highflying Amazon.com Inc, Apple Inc. Microsoft Corp and Facebook Inc were down between 0.2 and 0.5 in premarket trading as yields on the benchmark 10year Treasury ticked higher to 1.67.

A recent pullback in the yield has pushed the Nasdaq to sevenweek highs and within 2 of its February record level.

Weakerthanexpected labor market data on Thursday eased inflation worries and validated the U.S. Federal Reserves accommodative stance, lifting the techheavy Nasdaq 1 higher and powering the SP 500 to a record close.

Bank of Americas weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years, as ultraeasy monetary policies and unprecedented stimulus have sparked a secular shift into stocks.

On the economic front, data on U.S. producer prices, an inflation indicator, is on tap at 830 a.m. ET 1230 GMT.

President Joe Biden will release his first budget proposal to Congress on Friday, offering a longawaited glimpse into a policy agenda that will mark a sharp departure from his predecessor, Donald Trump.

At 647 a.m. ET, Dow Eminis were up 66 points, or 0.2, P 500 Eminis were up 4.5 points, or 0.11 and Nasdaq 100 Eminis were down 9.75 points, or 0.07.

Trading volumes have dwindled heading into the start of the earnings season next week….

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