Stock Market index futures advanced during overnight trading, after the major averages finished Tuesday’s session in the red.

Futures contracts tied to the Dow Jones Industrial Average gained 27 points. S&P 500 futures rose 0.05%, while Nasdaq 100 futures were up 0.04%.

The major averages pulled back from record highs to close in negative territory during regular trading. The Dow slid 97 points, or 0.3%, breaking a two-day winning streak. The S&P hit a record high, but retreated during afternoon trading and ultimately closed 0.1% lower for its first negative session in four. The Nasdaq Composite declined 0.05%, also snapping a three-day winning streak

Strong economic data — including March’s jobs report that handily beat expectations — has fueled stocks’ ascent in recent sessions. All three major averages are coming off their fourth straight quarter of gains as the economic recovery from Covid-19 accelerates.

The International Monetary Fund on Tuesday raised its 2021 growth outlook for the global economy to 6%, up from January’s forecast of 5.5%. The organization said that “a way out of this health and economic crisis is increasingly visible.” The IMF did, however, warn of “daunting challenges” given the varied pace of vaccine rollouts around the world.

“From a positioning standpoint, we still view equities as attractive on a relative basis,” noted Keith Lerner, chief market strategist at Truist. “Even though we expect periodic setbacks, U.S. stocks have risen 85% of the time during economic expansions, and valuations remain attractive relative to fixed income.

Rising yields have spooked investors recently, sparking a rotation out of growth and into value-oriented areas of the market. On Tuesday the 10-year Treasury yield dipped 7 basis points to 1.65%.

(CNBC https://www.cnbc.com/2021/04/06/stock-market-futures-open-to-close-news.html)

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