US stock index futures were lower on Monday after the S&P 500 and Dow Jones Industrial Average closed at record highs on Friday.

Dow-linked futures contracts fell 75 points. S&P 500 futures were down 0.2%. Nasdaq 100 futures were flat.

Bitcoin slammed on the weekend after an all-time high of $ 64,841 on Wednesday morning, according to Coin Metrics. At one point it was down 19% from that record over the weekend before recovering. The cryptocurrency was last at USD 56,794 on Monday. Tesla, a Bitcoin owner, was down 1.5% in premarket trading on Monday. Coinbase, which made its public debut just last week, was down 2% in early trading.

Bank stocks were lower early in the trading day as investors continued to take profits after the group’s big gains last week. Bank of America, Wells Fargo, and Citigroup were all lower in premarket trading.

Coca-Cola shares rose 0.6% in premarket trading after the consumer giant reported better-than-expected profits and sales. The company also said demand returned to pre-pandemic levels in March.

Stocks posted gains for a week as earnings beat estimates and strong economic data lifted key averages. The S&P and the Dow gained 1.38% and 1.18% respectively for the fourth straight week, while the Nasdaq Composite had its third consecutive positive week.

Despite stocks trading at record levels, UBS revoked its guidance for the year on Friday. The company now envisions the S&P 500 ending at 4,400 by 2021, which is roughly 5% above where the benchmark index closed on Friday.

“While investing at all-time highs may be daunting for some, we believe there are more benefits ahead,” the company wrote in a statement to customers. “After two rounds of economic activity in the quarter and ongoing vaccination efforts, there are increasing signs that US economic activity is picking up. The latest employment data, business sentiment and retail sales point to a strong recovery.”

The Russell 1000 Growth Index outperformed last month, up 10% versus the Russell 1000 Value Index’s 4% gain. Some of the recent losses were reclaimed after a jump in returns sparked a rotation of technology and growth-oriented areas in the market.

However, value stocks have still performed better over the past three months, and Bank of America believes the group has more upside potential ahead. On Friday, the company’s analysts said they should “hold on to value” and noted that despite recent strength, the company is still trading at a “sharp discount to growth”.

Regarding the coronavirus, White House chief medical officer Dr. Anthony Fauci, he expects the US to resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration last week urged states to temporarily discontinue use of the single-dose vaccine “out of caution” after six women developed a rare bleeding disorder.

“I guess we will continue to use it in some form,” Fauci said Sunday during an interview on NBC’s Meet the Press. “I very seriously doubt they’ll just cancel it. I don’t think that’s going to happen. I think there will likely be some kind of warning or restriction or risk assessment.”

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