Stock Futures Creep Lower After Best Record-Breaking Streak Since Early '90s

New York (Feb 16)  Stock futures moved slightly lower on Thursday as investors paused following the best record-breaking streak since late 1991.

S&P 500 futures were down 0.16%, Dow Jones Industrial Average futures fell 0.15%, and Nasdaq futures slipped 0.03%.

Stocks ended Wednesday with their fifth record close in a row, the longest record-making streak since a six-session stretch from late 1991 to early 1992. Donald Trump has largely been given credit for recent gains as he continues to tempt investors with details of a forthcoming tax plan. So far, no details of the president's self-described "massive" tax reform have been divulged, though.

Trump again made vague references to a forthcoming tax reform plan on Wednesday. The president said that a "massive tax plan" would be made public in the "not-too-distant future." Trump made the remarks at a meeting with retail executives, which included the heads of Target (TGT) and Best Buy (BBY) .

The chances of a mid-year interest rate hike grow more likely as a string of Federal Reserve members trumpet a hawkish case. The latest, Fed Vice Chair Stanley Fischer, said the Fed is moving toward removing its accommodative monetary policy. The Fed expects the economy to move "closer to the 2% inflation rate and that the labor market would continue to strengthen," he told Bloomberg. "If those two things happen we'll be on the (policy) path that we more or less expected."

The Fed previously predicted three interest rate hikes this year, a possibility becoming more and more likely after hawkish Fedspeak on Wednesday. Futures indicate markets expect a 43% chance of at least three hikes this year, according to CME Group. The chances of at least three moves in 2017 sat at 33% on Monday.

Source: TheStreet