Dow Jones, S&P 500 set to close near record highs

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Dow Jones, S&P 500 set to close near record highs

Weekly futures were little changed on Wednesday with the major averages set to close near record highs.

Dow Jones Industrial Average futures dropped 21 points, or 0.06%, while Nasdaq 100 futures and S&P 500 futures advanced 0.09% and 0.3%, respectively.

Both the Dow and the S&P 500 finished Tuesday's session fractionally below all-time highs. The Nasdaq Composite was 1.5% below its own peak.

In stocks, Clover Health Investments Corp. was on track for a third day of big gains as shares continued to benefit from the support of investors on the Reddit forum WallStreetBets.

Meanwhile, WallStreetBets, another favorite of the crowd, was set for sizable losses as shares lingered near all-time highs.

The fellow meme stock GameStop Corp. will release its quarterly results after the closing bell. The shares of the video game retailer have soared this year by 1,492%.

Benedetto Vigna named Ferrari N.V. from Elsewhere, who currently runs the biggest division of the chipmaker STMicroelectronics as CEO. He replaces Louis Camilleri, former chief executive who has retired due to personal reasons in December.

Chipotle Mexican Grill Inc. increased its prices by around 4% to help offset rising labor costs. The fast-casual restaurant chain is going to hire 20,000 additional employees and increase the average hourly wage by the end of the month to $15.

According to earnings, Campbell Soup Co. said its quarterly profits fell 5% as rising supply chain costs hurt its bottom line. The company expects margins to remain under pressure as the economy breaks away from the business conditions caused by COVID 19.

In commodities, West Texas Intermediate crude oil climbed 30 cents to $70.55 a barrel, its highest since October 2018 while gold fell $2.40 to $1,892 an ounce.

Europe's bourses were weaker across the board with Germany and the DAX 30 to last 0.55%, France's CAC 40 down 0.05%.

In Japan, the Nikkei 225 fell 0.35% and Hong Kong's Hang Seng depressed 0.13% while the Shanghai Composite lost 0.22%.

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