Futures Inch up as S&P Tops 5,000 Mark

Stock futures were around flat Friday morning after the S&P 500 crossed the historic 5,000-point milestone for the first time during intraday trading.

Futures for the Dow Jones Industrials index gained 26 points, or 0.1%, to 38,850.

Futures for the S&P 500 moved higher 7.75 points, or 0.2%, at 5,025.50.

Futures for the NASDAQ heightened 49.5 points, or 0.3%, to 17,918.75.

The large-cap benchmark reached a high of 5,000.40 during Thursday’s regular trading before closing less than three points below the key 5,000 threshold. The S&P 500 first crossed 4,000 on April 1, 2021, so it took almost three years to add the last 1,000 points. A solid earnings season, easing inflation data and a resilient economy have powered the market rally into 2024, with the S&P 500 up 4.8% on the year.

The equity benchmark is up 0.8% this week, on track to post its fifth straight weekly gain. The blue-chip Dow and the NASDAQ Composite have gained 0.2% and 1.1% this week, respectively, also headed for a five-week win streak.

A total of 319 companies in the S&P 500 have reported quarterly earnings so far, and 80.6% of them reported above analyst expectations. That compares to a 67% beat rate in a typical quarter since 1994.

Pinterest shares dropped 9% before the bell after the image-sharing company issued a weaker-than-expected forecast and missed revenue estimates, while PepsiCo fell 2% on mixed results. Take-Two Interactive slumped 8% on a disappointing outlook.

In Japan, the Nikkei 225 poked 0.1% higher Friday to a 34-year peak, while in Hong Kong, the Hang Seng Index sank 0.8% after a half-day of trading in honour of the Lunar New Year.

Oil prices docked 19 cents to $76.03 U.S. a barrel.

Gold prices fell $4.70 to $2,043,20 U.S. an ounce.