MARKET SNAPSHOT: Stocks Set To Snap Multiday Rally, Ahead Of Memorial Day Weekend

Second reading of GDP set for release

U.S. stock-index futures pointed to a modest decline from record levels on Friday, as investors found few reasons to keep pushing shares higher after six straight daily gains, especially going into a long holiday weekend.

Dow Jones Industrial Average futures slipped 33 points, or 0.2%, to 21,030. S&P 500 index futures eased 4.15 points to 2,409.25, a decline of 0.2%. Futures for the Nasdaq-100 index lost 6.25 points, or 0.1%, to 5,775.75.

The S&P 500 and Nasdaq Composite closed at fresh records on Thursday (http://www.marketwatch.com/story/us-stocks-poised-for-6-wins-in-a-row-but-opec-lies-in-wait-2017-05-25), as U.S. stocks gained for a sixth straight session and shares of Best Buy (BBY) surged on quarterly results. The S&P 500 rose 0.4% to close at 2,415.07, while the Nasdaq added 0.7% to end at 6,205.25. The Dow Jones Industrial Average climbed 0.3% to close at 21,082.95.

The S&P 500 logged its 19th record close of 2017, surpassing the number of records set by the index in 2016. Double-digit gains in large technology names have been among Wall Street's biggest drivers this year.

See also:This top-heavy rally is built on 5 big tech stocks, but here's why that's not a worry (http://www.marketwatch.com/story/this-top-heavy-rally-is-built-on-5-big-tech-stocks-but-heres-why-thats-not-a-worry-2017-05-26)

Stock markets will be closed on Monday for the Memorial Day holiday (http://www.marketwatch.com/story/when-do-markets-close-for-memorial-day-2017-05-24), but will see a regular day of trading Friday.

"It has been another great week for U.S. markets, notching up further highs, although the prospect of long weekend in the U.S. might well prompt some hesitancy this afternoon," said Chris Beauchamp, chief market analyst at IG, in a note.

For the week, the Nasdaq was looking at a 2% advance. The S&P 500 and the Dow industrials were on course for gains of 1.4% and 1.3%, respectively.

Data coming: A revision to gross domestic product for the first quarter is due at 8:30 a.m. Eastern Time, with durable goods orders for April set to arrive at the same time. Final consumer sentiment data for May from the University of Michigan will be released at 10 a.m. Eastern.

Federal Reserve Bank of St. Louis President James Bullard, speaking in Tokyo on Friday, warned that the Fed and financial markets are on different pages when it comes to the direction of interest rates, according to a report in The Wall Street Journal (https://www.wsj.com/articles/feds-bullard-says-markets-have-more-dovish-view-on-interest-rate-path-1495765216). Markets have a more dovish view of the rate path, he said.

Read:Buoyant U.S. economy rides out rough political sea, but more storms ahead (http://www.marketwatch.com/story/buoyant-us-economy-rides-out-rough-political-sea-but-more-storms-ahead-2017-05-21)

Moving stocks: Shares of Nutanix Inc.(NTNX) rose 15% in thin premarket trading after the cloud-computing company posted better-than-expected financial results late Thursday.

Read:Nutanix spikes as bigger customers sign on to hybrid cloud (http://www.marketwatch.com/story/nutanix-spikes-as-bigger-customers-sign-on-to-hybrid-cloud-2017-05-25)

Deckers Outdoor Corp.(DECK) share could be active after surging late Thursday after the Ugg boots maker posted a surprise quarterly profit (http://www.marketwatch.com/story/deckers-outdoor-shares-surge-on-surprise-profit-outlook-2017-05-25).

Read:16 energy stocks that company executives love, regardless of what OPEC does (http://www.marketwatch.com/story/16-energy-stocks-that-company-executives-love-regardless-of-what-opec-does-2017-05-25)

Other markets:European stocks (http://www.marketwatch.com/story/european-stocks-struggle-as-oil-auto-shares-pull-back-2017-05-26) fell, though the FTSE 100 index (http://www.marketwatch.com/story/ftse-100-at-all-time-high-with-the-pound-knocked-below-129-2017-05-26) rose to an all-time high as the British pound fell below $1.29 after a poll showed a further narrowing of the Conservative Party's lead before the June general election.

Oil prices bounced around (http://www.marketwatch.com/story/oil-rise-slightly-as-some-investors-buy-in-wake-of-opecrelated-plunge-2017-05-26), but were lately up about 22 cents, or 0.5%, to $49.12 a barrel, a day after crude tumbled nearly 5% on disappointment that OPEC didn't take more aggressive measures to cut production. Gold prices rose $8.80, or 0.7%, to $1,265.20 an ounce.

Read:Here's a lesson OPEC could learn from soybean farmers (http://www.marketwatch.com/story/heres-a-lesson-opec-could-learn-from-soybean-farmers-2017-05-25)

(END) Dow Jones Newswires

May 26, 2017 08:22 ET (12:22 GMT)