Stock futures are flat after S&P 500 closes at a record – CNBC


U.S. stock index futures were little changed during overnight trading on Monday, after the S&P 500 and Nasdaq Composite closed at record highs.

Futures contracts tied to the Dow Jones Industrial Average were flat. S&P 500 futures were also flat, while Nasdaq 100 futures dipped 0.1%.

Stocks rose to new highs during regular trading on Monday amid strength in Big Tech. The S&P 500 advanced 0.23%, registering its third straight record close. The Nasdaq gained nearly 1%, posting its fifth positive session in the last six, and also closed at a new high. The Dow, however, dipped 151 points amid a pullback in Boeing and Chevron, among other names.

“Markets are off to a strong start this year,” LPL Financial chief market strategist Ryan Detrick said. “However, most of those gains came early in the year, and many stocks have stagnated over recent months,” he added. Detrick believes investors should stay overweight stocks relative to bonds, but pointed to some concerns in the market, including elevated valuations.

Growth stocks continued to outperform on Monday, with the Russell 1000 rising nearly 1% while its value counterpart finished in the red. The value trade was outperforming for much of the year, but recently investors have rotated back into growth-oriented areas of the market. These stocks are up 6% for June, while value’s down more than 1%.

“The breakout to new highs in Growth was the catalyst to push the S&P 500 to new highs,” MKM Partners chief market technician JC O’Hara noted. “We see the situation where Growth may continue to outperform Value in the weeks ahead,” he said, based on technical analysis.

Shares of Morgan Stanley advanced 3% during extended trading after the company said it will double its quarterly dividend. The bank also announced a $12 billion stock buy back program. The announcement follows last week’s stress tests by the Federal Reserve, which all 23 banks tested passed.

Bank of America, Goldman Sachs and JPMorgan also announced dividend increases.

With the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The Nasdaq is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today

Like it? Share with your friends!



Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format