A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, January 3, 2019. — Reuters pic
NEW YORK, Dec 17 — US stock index futures dipped today, a day after Wall Street closed at all-time highs, while Boeing was set for its fourth straight session of losses as the planemaker said it would suspend production of its 737 MAX jet in January.
Boeing shares fell 1.2% premarket, eyeing their lowest open since August, as the crisis around its grounded aircraft forced it into its biggest assembly-line halt in more than two decades.
The news soured the mood after three straight days of record highs for US stock indexes, spurred by cooling trade tensions between the world’s top two economies and upbeat economic data from China.
The S&P 500 has gained over 27% so far this year, rising in nine of the last 10 weeks, on expectations of a US-China trade deal, a dovish Federal Reserve, a strong corporate earnings season and upbeat economic indicators.
An interim trade agreement was announced on Friday, but some investors still held off on big bets amid skepticism about the lack of details. The three index futures were trading slightly off record levels today.
At 7:23am ET, Dow e-minis were down 35 points, or 0.12%, while S&P 500 e-minis were down 1.5 points, or 0.05%. Nasdaq 100 e-minis were down just 1.25 points, nearly flat.
Pfizer Inc rose 1.1% after the US Food and Drug Administration approved the US drugmaker and Astellas Pharma Inc’s prostate cancer therapy.
Johnson & Johnson gained 1.3% after reports that Morgan Stanley upgraded the stock to “overweight” from “equal weight”.
Investor attention now turns to industrial production data for November, due at 09:15am ET, to gauge the health of the US economy, which has so far been resilient despite trade tensions. — Reuters