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29 Mar 2021 | 11:36

US pre-open: Futures point to losses following S&P 500's record close

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday following a solid session at the end of last week that saw the S&P 500 close at a fresh record high. As of 1230 GMT, Dow Jones futures were down 0.37%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.31% and 0.06% lower, respectively.

The Dow closed 453.40 points higher on Friday after a rush of broad-based buying in the dying minutes of trading.



However, market participants prepped for increased volatility during the Easter holiday-shortened week on Monday, with quarter-end rebalancing among pension funds and other big investors as still elevated bond yields were seen as setting up money managers to make large adjustments to their portfolios.

Wall Street traders were also holding out until Wednesday for an update from Joe Biden on his infrastructure plan, said to cost more than $3.0trn, after White House press secretary Jen Psaki said over the weekend that the President intends to roll out two packages over the coming months - the first covering infrastructure and the second health and family care.

On the macro front, March's Dallas Fed manufacturing index will be published at 1530 GMT, while Federal Reserve Bank of St Louis director of research Christoper Waller will deliver a speech at 1600 GMT.

No major corporate earnings were slated for release on Monday.
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