Stock futures were lower on Friday, dimming hopes that the S&P 500 could grind out another positive week.
Futures for the S&P 500 fell 0.93%, while those tied to the Dow Jones Industrial Average dipped 260 points, or 0.77%. Nasdaq 100 futures slid 1.03%.
For the week, the S&P 500 entered Friday’s session up just 0.08%, and the Dow was up 0.7% in that time. The tech-heavy Nasdaq came into Friday riding a 0.6% weekly loss. The S&P 500 has posted a gain in each of the last four weeks.
While this week has seen relatively muted moves on Wall Street, it comes on the heels of a solid rally since mid-June.
“The market is doing a little consolidating this week, a little flip-flopping. … I think this is still a healthy market,” said Frank Gretz, a technical analyst at Wellington Shields, citing solid advance-decline ratios in recent weeks.
There are no major economic reports due out on Friday, but traders are still parsing through some key earnings. Applied Materials shares rose slightly in the premarket on the back of a better-than-expected quarterly report.