Stock futures fall after closing of the eighth record in a row S&P 500

Stock futures opened flat to slightly lower Monday night after another all-time record session on Wall Street.

Contracts on the S&P 500 tapped down. The blue-chip index closed its eighth consecutive day of gains on Monday, or its longest winning streak since 2017, to hit a new record and close above the 4,700 mark for the first time. Both the Dow and the Nasdaq Composite also made record gains.

Equity investors experienced a long wave of optimism about solid quarterly earnings and economic reports, which came alongside recent positive data for a new antiviral pill against COVID-19 from Pfizer (PFE) and the passing of an infrastructure bill worth more than $1 trillion in Congress. With 89% of the S&P 500 companies posting quarterly results, the expected earnings growth for the index totals close to 40%, according to FactSet. And this growth rate has continued to creep higher in recent weeks as more companies exceed expectations.

I still think it’s all about corporate profits. I know many of my colleagues are concerned that maximum earnings growth is behind us, Marci McGregor, senior investment strategist at Bank of America Merrill Lynch, told Yahoo Finance Live. But I think peak earnings aren’t even a 2022 story. We saw solid consumer demand, a strong US economy, and I think we’re going to have an investment cycle in 2022. And I think that’s all positive for corporate earnings, which I think supports this market.

Earnings results after the market closed on Monday were mixed. roblox (RBLX) shares rose more than 20% in late trading after posting third-quarter bookings that surpassed Wall Street estimates, with the gaming platform continuing to grow even after an initial home-related increase in usage. paypal (PYPL), shares fell, however, as investors trusted in the payments company’s disappointing full-year outlook. This overshadowed the announcement of a new pact with Amazon (AMZN) will accept Venmo for payments next year. AMC entertainment (AMC) also fell in late trading despite top quarterly sales estimates, with meme stocks returning some gains after gaining 2,000% so far for the year so far.

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In quarterly reports and analyst calls, many companies have cited the restrictions around sourcing raw materials, filling job openings, managing rising input costs and providing products and services to end users. According to Bank of America, quarterly supply chain listings are up 360% from last year, underscoring the pervasive nature of this pressure. These supply-related issues have also contributed to the still high inflation trends. Tuesday’s producer price index from the Bureau of Labor Statistics is expected to show producer prices rose 8.6% last year, matching the October rate for the fastest-ever recorded data going back to November 2010.

“I expect inflation to peak in mid-2022. It should remain high, but lower in the second half of 2022,” said Kristina Hooper, Invesco’s global market chief strategist. told Yahoo Finance Live. “So while this is certainly an issue, it is part of what we can expect as a result of the pandemic.

“We came out of a burning building, but we can expect some smoke and water damage as a result,” Hooper said. “That’s really what has been experienced with increased inflation and supply chain disruptions.

6:17pm ET Monday: Mixed Equity Futures Trading

Here’s where the markets traded Monday night:

• S&P 500 futures (ES = F): -3.5 points (-0.07%), to 4,690.50

• Dow futures (YM=F): -21 points (-0.06%), to 36,291.00

• Nasdaq futures (NQ = F): -14.5 points (-0.09%) to 16,313.25

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter