NEW YORK (TheStreet) -- Stock futures trade in the red Tuesday in the absence of any major economic news and after scoring yet another record high on Monday.
S&P 500 futures were down 4.25 points, or 4.17 points below fair value, to 1,946. Dow Jones Industrial Average futures were sliding 26 points, or 25.10 points below fair value, to 16,910. Nasdaq futures were down 6.5 points, or 7.74 points below fair value, to 3,787.3.
The S&P 500 is now up more than 5.5% in 2014 after surprising much of Wall Street Monday by finishing above 1,950 for the first time following an uneven trading session. While bears in early February warned that the S&P 500 had dropped below its 50-day moving average, and again on April 10, the benchmark index continues to make new highs, though on less and less volume.
Bearish contrarians remain on full alert, but "we've been running with the bulls, and continue to do so," Ed Yardeni, the New York-based chief investment strategist at Yardeni Research, wrote in a note. "However, we see the same old reasons for doing so." The major central banks continue to pump liquidity into financial markets, and while some of that liquidity is boosting economic growth, much of it is inflating asset values. And while economic growth has been "subpar" in both the U.S. and overseas during the current bull market, earnings have been very strong.
The forward earnings of the S&P 500 rose to new record highs last week, and at a faster pace in recent weeks, according to Yardeni Research.