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Stock Futures Lower on Major Averages Close at Record Highs

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U.S. stock index futures were lower in early morning trading on Friday, after the major averages closed at new highs. Futures contracts tied to the Dow Jones Industrial Average fell 79 points. SP 500 futures and Nasdaq 100 futures also both traded in mildly negative territory.

The major averages were coming off a recordsetting session, which saw all three indexes close at new highs. During regular trading hours the Dow advanced 148 points for a gain of 0.49. The SP 500 and Nasdaq Composite hit both intraday and record closing highs, gaining 0.58 and 0.84, respectively.

The leg higher came amid optimism around Covid vaccines, as well as the hope that Washington will soon come to a consensus on additional stimulus measures. Leaders on Capitol Hill said they are close to an agreement that would provide 900 billion in additional aid. The talks, which have stretched on for months, are up against the wire, with federal funding lapsing at 1201 a.m. ET on Saturday.

Senate Majority Leader Mitch McConnell, RKy., said Thursday that a bipartisan, bicameral agreement appears to be close at hand. He noted it was highly likely Congress would work through the weekend, and said lawmakers may have to pass a shortterm funding measure to buy enough time to approve legislation.

House Speaker Nancy Pelosi, DCalif., also said Democrats were moving closer to a consensus. We made some progress this morning and are waiting to hear back, she told reporters on Thursday.

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