Stock futures add to record levels, Dow gains after Nike results beat

 Stock futures add to record levels, Dow gains after Nike results beat

Stocks rose Friday morning to add to gains from a record-setting session, with traders hoping that a bipartisan infrastructure deal would help further stoke economic activity.

The S&P 500 set yet another record high, and the Nasdaq also hovered near all-time highs. Dow component Nike (NKE) jumped after posting quarterly sales growth that rebounded across all major regions. Meanwhile, FedEx (FDX) shares sank after even estimates-topping fiscal fourth-quarter results failed to wow Wall Street.

The Dow was on track to outperform for another session following President Joe Biden’s announcement that he had reached an infrastructure agreement with a bipartisan group of senators. This helped catalyze a jump in cyclical shares including industrials and financials, with traders eying the additional federal spending on physical infrastructure and other initiatives.

The deal would include about $600 billion in new federal spending on investments

Read full article…finance.yahoo.com