U.S. stock futures retreated early Friday morning as the S&P 500 struggles to break past its record high from February.
Futures for Dow Jones Industrials dropped 88 points, or 0.3%, early Friday, to 27,735.
Futures for the S&P 500 sank 3.5 points, or 0.1%, at 3,364.25.
If the S&P 500 breaks out for a fresh record, it would be the index's fastest recovery from a 30% drop in its history, according to data compiled by Ned Davis Research.
Futures for the NASDAQ, however, gained 23 points, or 0.2%, to 11,198.25.
Airlines and cruise operators — two groups that would benefit from the economy reopening — slid in pre-market trading. United Airlines dipped 0.8% and Delta was down 0.9%. American Airlines pulled back 1.4%. Norwegian Cruise Line and Carnival dropped 1.4% and 2.2%,
respectively.
The S&P closed Thursday's session down 0.2%. Earlier in the day, it briefly traded above its record closing high of 3,386.15. The gyrations between gains and losses through the day came as tech shares outperformed while names that would benefit from the economy reopening struggled.
Facebook, Netflix and Alphabet all closed higher and Apple rallied to an all-time high. Meanwhile, Gap and American Airlines both fell at least 1.8%. JPMorgan Chase slid 0.6%.
Sentiment was also kept in check as lawmakers seem unable to move forward with a coronavirus stimulus bill.
House Speaker Nancy Pelosi has said she will not restart talks with Republicans on the matter until they increase their aid offer by $1 trillion. White House economic advisor Larry Kudlow also told the media that the administration and Democrats were at a “stalemate.”
Overseas, in Japan, the Nikkei 225 ended the week with a gain of 0.2%, while in Hong Kong, the Hang Seng index lost 0.2%.
Oil prices gained four cents to $42.28 U.S. a barrel.
Gold prices tumbled $11.10 to $1,959.30.