Stock market today: Live updates

Stock futures edged lower in overnight trading Thursday after the S&P 500 hit a record closing high following President Donald Trump’s call to lower interest rates and crude prices.

Futures on the Dow Jones Industrial Average dipped 35 points. S&P 500 futures and Nasdaq 100 futures both inched down 0.1%. Earlier, the S&P 500 notched its first record close since Dec. 6.

Stocks got a boost Thursday after Trump said he would “demand that interest rates drop immediately” as he addressed world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.

“Trump’s Davos speech contained some ostensibly positive lines (he called for OPEC to lower oil prices, demanded central banks lower interest rates, and reiterated prior pledges to slash taxes and regulation) but there was very little either incremental or within his control,” Adam Crisafulli, founder of Vital Knowledge, said in a note.

Optimism toward Trump’s pro-business policies pushed risk assets higher this week after his inauguration. Investors were also relieved that there have only been threats on the tariff front from Trump, instead of formal action during his first few days in the White House.

All three major averages are on track to post their second positive week. The Dow and the S&P 500 have gained 2.5% and 2%, respectively, this week, while the tech-heavy Nasdaq Composite is up about 2.2%.

Investors are keeping an eye on the 10-year Treasury yield, which has been rising on the back of strong corporate earnings. BlackRock CEO Larry Fink said Thursday that Trump’s efforts to unleash capital in the private sector could stoke inflationary pressures and prompt the benchmark 10-year rate to retest the 5% level.

“The better growth we are seeing in Corporate America may be contributing to the ability of 10-year yields to find a bottom for now,” Chris Hussey, a managing director at Goldman Sachs, said in a note to clients.