From the Wall Street Journal’s “Stock Futures Pause After S&P 500 Hits Record” posted early Friday:
U.S. stock futures crept lower, putting the S&P 500 on course to break a seven-day winning streak that included a fresh record high.
Stocks have risen in recent days on strong earnings, shaking off concerns about inflation and supply-chain problems that threaten the post-pandemic economic recovery. Nearly nine out of 10 U.S. companies that have reported earnings have beaten Wall Street expectations, said Mike Bell, a strategist at J.P. Morgan Asset Management…
China Evergrande Group,the heavily indebted property giant whose potential default had spooked markets, made an overdue interest paymentto international bondholders, Chinese state-owned media reported Friday. The payment allowed the company to stave off default and helped ease investors’ broader concerns about China’s property sector.
Evergrande’s shares rose almost 5% Friday, while the Lippo Select HK & Mainland Property index rose more than 3%. “We think the market priced in more bad news than was likely to come to fruition,” Mr. Bell said.