Stock futures were narrowly mixed on Monday in the beginning of a new month and quarter for markets.
S&P 500 futures were down 0.03%, Dow Jones Industrial Average futures rose 0.02%, and Nasdaq futures added 0.05%.
Wall Street entered the second quarter on Monday with stocks at or close to all-time records. Equities have shown remarkable resilience since the U.S. presidential election last November as investors placed bets the Trump administration would introduce business-friendly tax reform and infrastructure spending.
The Dow ended last week a little more than 450 points from its all-time closing high of 21,115.55 set on March 1. The S&P 500 was just 28 points, or a 1.4% increase, from its record close of 2,395.96 set on the same day. The Nasdaq closed Friday just under its record of 5,914, set on March 30.
For the first quarter, the Nasdaq logged the best gains of the three major benchmark indexes with an increase of 10% over the first three months of the year. The S&P 500 closed up nearly 6% for the first quarter, while the Dow rose almost 5%. The Dow's gain is its sixth quarterly increase in a row, the longest stretch since the end of 2006.
"The second quarter isn't likely to repeat the first, but strong economic fundamentals, along with rising corporate earnings, could continue to push markets higher," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "Rising confidence will support valuation levels and also offers a real possibility of upside surprises in the hard economic data, which could translate into even better-than-expected earnings growth."
Crude oil closed with quarterly losses of 5.8%, even as the commodity settled Friday at its best level in more than three weeks. Oil had a positive week as a reading on domestic inventories showed a smaller-than-expected rise and production disruptions in Libya increased hopes of a hit to global output.
West Texas Intermediate crude oil was flat at $50.62 a barrel on Monday morning.
Tesla (TSLA) - Get Report delivered a record 25,000 vehicles in the first quarter, an increase of 69% from a year earlier. The maker of electric cars said Sunday it delivered about 13,450 Model S cars and about 11,550 Model X SUVs. Tesla said another 4,650 vehicles were being transported to customers at the end of the quarter and will be included in second-quarter deliveries. Production in the first quarter totaled a record 25,418 vehicles, Tesla said. Shares were up 3% in premarket trading.
FactSet (FDS) - Get Report was on watch after raising its profit and sales estimates for its third quarter. The financials database company anticipates quarterly sales between $311 million and $317 million, up from its previous range of $301 million to $307 million. Adjusted earnings are expected to come in between $1.81 to $1.87 a share. The previous range was $1.80 to $1.86.
Casino owners Wynn Resorts (WYNN) - Get Report and Las Vegas Sands (LVS) - Get Report were on watch after March figures for gambling revenue in Macau showed a larger increase than anticipated. Revenue in the gambling destination rose by 18% in March, above an estimated range of 12% to 16%. Gambling revenue has risen for eight straight months.
Caterpillar (CAT) - Get Report will close its Aurora, Ill. plant, laying off around 800 jobs and moving production to its plants in Decatur, Ill. and North Little Rock, Ark. The heavy machinery company plans to shift the production by the end of next year. Around 1,200 non-production jobs will remain in Aurora.