Stock futures tick lower to end record-setting week

Contracts tied to the major U.S. stock indexes slipped early Friday morning as Wall Street appeared headed to close out the record-setting week on a muted note.

Dow futures pointed to an opening loss of about 250 points, while S&P 500 and Nasdaq 100 futures also traded in negative territory.

The after-hours moves came after a strong showing from the Nasdaq Composite earlier in the day during the regular session.

The index rose to another record as investors set bets for strong tech earnings next week. The tech-heavy benchmark climbed 0.6% to close at a new high in large part thanks to a 3.7% pop in Apple shares.

The Dow Jones Industrial Average and S&P 500 both had more muted sessions, with the former dipping 12 points and the latter up less than 0.1% to eke out another fresh high.

Hopes for a robust earnings season from the country’s largest communications and tech stocks have kept the mega-cap stocks trending upward, and the major indexes near records, during the holiday-shortened week.

Apple and Facebook have risen 7.7% and 8.6%, respectively, this week ahead of their quarterly results, while Microsoft has gained 5.8%.

Wall Street’s eyes are still turned toward Washington as new President Joe Biden works to lay the early foundation of his Covid-19 and economic recovery agenda.

Investors are increasingly confident a pared-down version of Biden’s original $1.9 trillion coronavirus relief bill will be considered by Congress. Some moderate senators have expressed doubts over the need for another bill, especially one with such a price tag, less than one month after Congress passed a $900 billion stimulus in December.

Meanwhile, the Senate is expected on Friday to overwhelmingly confirm former Fed Chair Janet Yellen as Biden’s Treasury secretary. If confirmed, she would be the first woman to lead the department.

In corporate news, shares of IBM fell more than 6% in the extended session after the company reported fourth-quarter sales below where analysts were expecting. Revenue fell 6% on an annualized basis, the fourth consecutive quarter of declines.