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Traders work on the floor of the New York Stock Exchange (NYSE) on March 07, 2023 in New York City.
Spencer Platt | Getty Images News | Getty Images
U.S. stock futures were little changed Thursday night after the S&P 500 notched its highest close for 2023.
Dow Jones Industrial Average futures fell by 34 points, or 0.1%. S&P 500 futures dipped 0.05%, while Nasdaq 100 futures rose 0.04%.
DocuSign shares jumped nearly 5% in extended trading after the electronic agreements firm beat analysts’ first-quarter expectations on the top and bottom lines.
Stocks added to their recent rally during Thursday’s regular session, with the S&P 500 posting its highest closing level this year. The broader index climbed 0.62% to 4,293.93 — just shy of a key 4,300 threshold. Meanwhile, the Dow Jones Industrial Average added 168.59 points, or 0.5%, in its third straight day of gains. The Nasdaq Composite rallied 1.02%.
Investors were encouraged by signs that a broader swath of stocks, including small-cap equities, was participating in the recent rally — though some market participants warned that those gains may not last.
“It’s unclear whether this is a, let’s say, recession-theme position squeeze that potentially could whipsaw much like August of 2022 when you saw that last push higher in the S&P toward 4,300, or if this is something that’s sustainable,” Jason Hunter, head of technical strategy at JPMorgan, said Thursday on CNBC’s “Closing Bell.”
“So, we feel like we’re at a bifurcation point.”
The S&P 500 is on pace for its fourth straight positive week for the first time since last August, with the broader index higher by nearly 0.3% as of Thursday’s close. The Dow is headed for a second consecutive week of gains for the first time since April, up 0.2%.
On the other hand, the Nasdaq Composite is on pace to break a six-week winning streak, down slightly by 0.02%.
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