Stock futures decline after major averages post first positive session in three

Stock futures decline after major averages post first positive session in three

U.S stock index futures declined in overnight trading on Wednesday, eating into the major averages' gains from the session.

Futures contracts tied to the Dow Jones Industrial Average slid 53 points. S&P 500 futures dipped 0.23%, while Nasdaq 100 futures also declined 0.23%.

Stocks rose on Wednesday during regular trading hours, snapping a two-day losing streak, as companies tied to the economy reopening led the way higher. The Dow advanced 316 points, or 0.93%, while the S&P 500 rose 0.93%. The Nasdaq Composite was the relative outperformer of the major indices, rallying 1.19%.

Small caps were a particular point of strength during the session, with the Russell 2000 ending the day 2.35% higher for its best day since March 1.

The Dow and S&P 500 are less than 1% away from reclaiming their record highs, reached last Friday, amid ongoing optimism over the pace of the economic recovery.

"Stocks continue to fire on almost 'all cylinders' and remain in a strong position as the bull expands across the cyclical, secular, and increasingly the defensive [sector] with an economy on the offensive," noted strategists at Evercore ISI. "The sum of which in conjunction with rising metals and materials, a milquetoast dollar, and a 10-year at 1.55%,