Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.
Spencer Platt | Getty Images
Stock futures slowed in trading overnight after major U.S. market indices hit record highs on Friday following a better-than-expected jobs report in October.
Futures contracts on the Dow Jones Industrial Average were almost flat. S&P 500 futures were little changed and Nasdaq 100 futures fell 0.3%.
The moves in futures exchanges came after the US House of Representatives passed a more than $ 1,000 billion infrastructure bill on Friday evening, sending the legislation to President Joe Biden for his signature. The package passed by the Senate in August would provide new funding for transport, utilities and broadband, among other infrastructure projects.
The top three US stock averages each closed at record highs on Friday to cap off a winning week. The Dow Jones rose 203.72 points, or nearly 0.6%, on its sixth consecutive day. The S&P 500 gained 0.4% for its seventh consecutive winning session. The Nasdaq Composite added 0.2% to post its tenth consecutive positive session.
The rally came after October’s jobs report was better than economists expected. The US payroll added 531,000 jobs last month, according to the Labor Department. Friday’s report also revised upward the payroll figures for September and August.
“The economy is certainly picking up some momentum,” JPMorgan’s David Lebovitz said on CNBC’s “Squawk on the Street” Friday. “We expect economic growth to accelerate here in late 2021 and early 2022.”
The Federal Reserve earlier last week announced a plan to start cutting its pandemic 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 are waiting for further inflation readings in the coming week. The producer price index and the consumer price index are expected to be released on Tuesday and Wednesday, respectively. Economists expect both reports to stay warm for October.
Companies such as PayPal, Palantir and Disney are releasing their quarterly results this week.