Futures down, but Nasdaq set for 3% weekly gain as tech defies selling

Futures point to Friday losses, but tech again blunts Nasdaq’s dip

Futures tied to the major U.S. stock indexes pointed to losses on the week’s final day of trading as investors headed for the relative safety of government debt amid the potential for bearish coronavirus headlines over the weekend.

Dow Jones futures fell 128 points, or 0.5%. The move implied a loss of about 142 points at the open. S&P 500 futures fell 0.4%.  The decline threatened to push the S&P 500 into negative territory for the week and added to an already-down week for the Dow.

Nasdaq-100 futures were down just 0.3%. The Nasdaq has for nearly the entire week outperformed the two other major indexes amid hardiness among the largest tech and communications stocks.

The Composite, up 3.3% for the week through Thursday’s close, has notched multiple record closes this week thanks to a 10.1% rally in Amazon, a 6.4% advance in Netflix, a 5% rise for Apple and a 9% climb for chipmaker Nvidia. — Thomas Franck

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