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Premarket – Stock futures turn lower on friday after record-setting rally


The Dow Jones Industrial Average was set to rise, and the S&P 500 was set to fall after both benchmarks closed at record highs Thursday, as expectations for an economic bump from the new $1.9 trillion coronavirus relief package boosted sentiment on Wall Street.

Nasdaq futures fell 150 points or 1.25% on Friday, one day after the tech-heavy index soared 329 points, or 2.5%, on gains in the likes of Apple, Facebook, and Google-parent Alphabet.

U.S. stocks climbed to record highs during Thursday’s regular session as a rebound in tech shares resumed, and Biden’s $1.9 trillion Covid-19 relief package became law. The S&P 500 jumped 1% and hit a new closing high, surpassing its previous record from Feb. 16.

Signs that the U.S. economy may be set for a healthy 2021 were plentiful on Thursday after Biden signed his much-anticipated $1.9 trillion coronavirus relief package into law.

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