The U.S. stock index futures remained almost unchanged due to overnight trading on Sunday, ahead of the best week for major indices. The Dow Jones industrial average fell by 23 points. Nasdaq 100 futures lost around 0.2% and S&P 100 declined 0.1%. All major averages performed more than expected in the previous session but now remained unchanged.
Dow Jones hit a record high of 382 points on Friday and ended the session with a gain of almost 1.6% for its best period since June. After better than expected earnings of Goldman Sachs on Friday, the market is driven by positive economic data, resulting in the positive sentiment of investors and impacting the stocks to grow.
S&P 500 was up at 1.82% last week for its best session since July, whereas the Nasdaq composite witnessed its best week since the last week of August. The index added 2.18% and was one of the best performers in the previous few weeks. A bureau said there was also a rise of 0.7% in retail sales in September but analysts who surveyed Dow Jones were expecting a fall of more than 0.2%.
The holiday season brings consumers to a strong season as better than expected retail sales data is flying around from everywhere back to back. In addition, the earnings season is being completely turbulent, and many mega-companies are set to report in the coming week.
The big names are P&G, Johnson & Johnson, Netflix, and United Airlines on Tuesday. Apart from these, investors are set to keep a close eye on Tesla and IBM-like companies in the coming week.
According to the estimated data, the companies in S&P 500 are heading to a profit growth of around 30%, which is the third-highest quarterly growth rate since 2010. The solid returns and earnings of the largest banks in the United States also impacted the major averages to reach the zone of their all-time highs.
The Dow is less than 1% from its record high, while Nasdaq and S&P are less than 3.3% and 1.6% from their highest records, respectively.