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After a seven-day rally to record heights, the S&P 500 was poised for a set-back at the start of trading in New York.

Futures in the benchmark index fell 0.15 per cent, following Europe’s lead in a sluggish day of global trading as some ‘Trumpflation’ optimism had faded.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite had all ended Wednesday more than 0.5 per cent higher on new records.

Over the last four days investors in the indices had been bullish on the Trump administration’s pro-business platform, as the US president has promised a corporate tax cut and decreased regulation.

“Stock market hits new high with longest winning steak in decades,” Donald Trump tweeted earlier on Thursday. “Great level of confidence and optimism – even before tax plan rollout!”

However, the market’s advance further into record territory appeared to be losing momentum.

The Euro Stoxx 600 was 0.3 per cent weaker, while the FTSE 100 was down 0.3 per cent and Japan’s Nikkei 225 was 0.5 per cent lower. Hong Kong’s Hang Seng index, however, was up 0.5 per cent.

Haven assets were also higher with US Treasury prices up for the first time in five days. The 10-year note yield, which moves inversely to prices, was down 1.8 basis points to 2.475 per cent. Gold prices were also up 0.3 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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