Stock Futures Steady After S&P 500 Hits Record – The Wall Street Journal

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U.S. stock futures were mostly steady amid another volley of earnings from blue-chip companies.

Futures tied to the S&P 500 ticked up 0.1% after the benchmark stocks gauge posted its 22nd all-time closing high of 2021 on Thursday. Contracts for the Dow Jones Industrial Average, which also hit a record, rose 0.2%. Futures for the technology-heavy Nasdaq-100 index were fairly flat.

A strong start to earnings season from banks and other financial companies has combined with data showing the economy is growing at a rapid clip to propel stocks higher this week. Adding to the momentum: A drop in yields on U.S. government bonds that has surprised some investors in its size and speed.

Shares of Bank of New York Mellon rose 0.8% ahead of the bell. The nation’s oldest bank reported first-quarter profit and revenue that topped expectations.

Data out Friday showing the Chinese economy grew at a record rate of 18.3% in the first quarter will add to optimism about the U.S.’s economic prospects, said Remi Olu-Pitan, multiasset fund manager at U.K. investment firm Schroders.

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