Stocks set to slip off record highs

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U.S. stock futures suggest equity markets will pull back from record highs as Wall Street preps for the start of another week of trading.

Dow Jones Industrial Average futures were lower by 84 points, or 0.25%, while S&P 500 futures and Nasdaq futures were weaker by 0.26% and 0.34%, respectively. 

Both the Dow and the S&P finished at record highs on Friday as the major averages booked their fourth straight week of gains. The Nasdaq ended last week 0.4% below its own all-time peak.  

In stocks, GameStop Corp. CEO George Sherman will step down on or before July 31, upon the naming of a successor.

Elsewhere, Coinbase Global Inc. Chief Executive Brian Anderson sold $291.8 million of stock following the company’s debut on the Nasdaq last week. 

Meanwhile, Tesla Inc. shares were in focus after a weekend crash of a Model S vehicle that was on autopilot killed two people and caused a fire that raged for four hours. 

Peloton Interactive Inc. was under pressure after regulators warned of safety risks related to the company’s treadmills following dozens of incidents that resulted in injuries. Peloton said its treadmills are safe if consumers follow their safety instructions.     

In earnings, Harley-Davidson Inc. said sales of motorcycles and related products rose 12% from a year ago to $1.23 billion amid increasing demand for touring motorcycles. As a result, the company lifted its full-year sales forecast. 

Coca-Cola Co. reported earnings and revenue that exceeded analysts’ estimates and said volume returned to March 2020 levels. 

In commodities, West Texas Intermediate crude oil lost 15 cents to $62.98 per barrel and gold jumped $7.50 to $1,787.70 an ounce. 


Overseas markets mostly gained. 

In Europe, Germany’s DAX 30 slipped 0.24% while Britain’s FTSE 100 climbed 0.16% and France’s CAC 40 gained 0.28%. 

Asian markets were higher across the board with Japan’s Nikkei 225 ticking up 0.01%, Hong Kong’s Hang Seng index rising 0.47% and China’s Shanghai Composite index advancing 1.49%. 

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