Stock futures are stable in overnight trading after the S&P 500 closes at a record high

Stock futures were flat in overnight trading on Sunday after a wave of late broad-based buying that pushed the S&P 500 to an all-time high in the dying minutes of the previous session.

Futures on the Dow Jones Industrial Average only plunged 25 points. The S&P 500 and Nasdaq 100 futures contracts were both little changed.

On Friday, all three major benchmarks hit their closing session highs with the blue chip Dow Jones closing around 450 points higher. The S&P 500 eventually climbed 1.7% to a record closing high. The Nasdaq Composite erased a loss of 0.8% and ended Friday up 1.2%.

Traders are bracing for heightened volatility during this holiday-cut week with a quarter-end rebalancing between pension funds and other large investors. The recent rapid rise in bond yields could prompt fund managers to make significant portfolio adjustments.

The Dow Jones and S&P 500 are up 6.9% and 4.3%, respectively, so far in March. However, the high-tech Nasdaq fell 0.4% this month as some investors leapt on top-flight tech names amid rising yields.

Investors are waiting for updates from President Joe Biden on his infrastructure plan that could cost north of $ 3 trillion. The president is expected to unveil his plan during his trip to Pittsburgh on Wednesday. White House press secretary Jen Psaki said on Sunday that Biden plans to roll out two packages in the coming months, the first covering infrastructure and the second covering health and family care.

“The market isn’t giving a very high chance of this infrastructure / tax plan coming to fruition and while Biden probably isn’t getting everything he asks for, Democrats in Congress and the White House are VERY determined to pass.” important bills in the coming months. ”Said Adam Crisafulli, founder of Vital Knowledge, in a note.

The stock market is closed for the Good Friday holiday, but the March jobs report is still expected to be released that morning. Economists expect 630,000 jobs to have been added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.