SPX stock futures dipped to 5,102 despite strong housing permit data, as profit-taking set in among high-beta tech names. Analysts expect consolidation before the next move higher. Synopsys (SNPS) is down more than -2% after BNP Paribas Exane initiated coverage of the stock with a recommendation of underperform and a price target of $425. U.S. stock futures were steady early Friday after the S&P 500 ( SPX ) and Nasdaq Composite ended the previous session at new record highs. Futures on the Nasdaq 100 ( NDX ) were down 0.03%, while the futures on the Dow Jones Industrial Average ( DJIA ) and the S&P 500 were up 0.09% and 0.07%, respectively, at 4:29 a.m. EST on July 25. The SPX stock futures are trending upward at 5,122.75, recovering from yesterday’s intraday dip. Momentum indicators, including RSI and MACD, suggest short-term upside potential, provided macro data stays benign.
