US pre-open: Futures point to losses as record-setting week comes to an end

Wall Street futures had stocks opening slightly lower ahead of the bell on Friday as a record week for indices gets set to draw to a close.

As of 1245 BST, Dow Jones futures were down 0.16%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.18% and 0.08% weaker, respectively.

The Dow closed 46.85 points higher on Thursday as some major tech gains offset minutes from the Fed's latest meeting and an increase in initial unemployment claims that both initially weighed on sentiment.

While both the S&P 500 and Nasdaq Composite hit all-time highs throughout the week, sentiment seemed to be somewhat kept in check by fears around stalled stimulus talks in Washington, mixed economic data, a warning from the Federal Reserve Bank and heightened trade tensions between the US and China.

Oanda's Craig Erlam said: "The mid-summer drag has well and truly taken hold as investors prepare for a bumper end to the year.

"This is obviously no ordinary year but it's still a pretty quiet summer compared to the rest of 2020 - although that's not hard, is it - and the final months could deliver a huge US relief stimulus, Covid vaccine and a fiercely fought election. Perhaps a breather is what we need."

On the macro front, IHS Markit's August manufacturing flash PMI will be published at 1445 BST, while existing home sales data will be released at 1500 BST.

In corporate news, Foot Locker shares were higher in pre-market trading after posting some strong earnings and restoring its dividend programme, while Deere & Co shares surged toward a record high before the open after the agriculture and construction equipment manufacturer posted third-quarter profits and revenues that came in well ahead of expectations.