Stock futures fell after Wall Street closed last week with all-time high record

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The Dow Jones Industrial Average futures fell 130 points. S&P 500 futures traded down 0.5% and the Nasdaq 100 slipped 0.3%. 

The stock market had a strong first week in 2021 as investors turned their attention to the fiscal stimulus outlook. President-elect Joe Biden pledged a hefty economic stimulus rollout. 

The S&P 500 has climbed for four days straight, rising 1.8% last week to a record high. The Dow and the tech-heavy Nasdaq Composite rose 1.6% and 2.4%, respectively, in the previous week, also hitting all-time highs. 

This advance has been built on three main pillars: strong corporate earnings, massive stimulus, and vaccine optimism. 

On top of that, according to The Labor Department report, nonfarm payrolls fell by 140,000 in December, the first monthly decline since April, as the new lockdown restriction hit virus-sensitive industries.

Wall Street experts believe there will be a pullback, especially after 2020. The S&P 500 stock rose 16.3% last year.

Last week, the benchmark 10-year Treasury yield broke above 1% for the first time since the pandemic-driven turmoil in March.

Damon Harrison
Market Analyst, IPG Group