Stock futures idled in overnight trading after the major U.S. market indexes reached record highs on Friday following a better-than-expected October jobs report.
Futures on the Dow Jones Industrial Average were nearly flat. S&P 500 futures were little changed and Nasdaq 100 futures dipped 0.3%.
The moves in futures trading came after the U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. The package passed by the Senate in August would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
The three major U.S. stock averages each closed at record highs Friday to cap off a winning week. The Dow rose 203.72 points, or nearly 0.6%, in its sixth-straight position day. The S&P 500 gained 0.4% for its seventh winning session in a row. The Nasdaq Composite added 0.2% to post its tenth consecutive positive session.
The rally came after the October jobs report came in better than economists had expected. U.S. payrolls added 531,000 jobs last month, according to the Labor Department. Friday’s report also revised up September and August payroll numbers.
“The economy is certainly picking up some momentum,” JPMorgan’s David Lebovitz said Friday on CNBC’s “Squawk on the Street.” “We are expecting economic growth to accelerate here into the end of 2021 and the beginning of 2022.”
The Federal Reserve earlier last week announced a plan to begin tapering its pandemic-era economic aid by the end of November, putting the central bank on track to end its asset purchase program by the middle of next year.
Investors await fresh inflation readings in the week ahead. The producer price index and consumer price index are slated for release on Tuesday and Wednesday, respectively. Economists expect both reports to remain hot for October.