S&P 500, Nasdaq futures lose grip on records as Trump trade fizzles

US stocks struggled to hold near record highs on Friday, with the Nasdaq slipping as post-election euphoria ebbed and China’s latest stimulus plan fell flat.

S&P 500 futures (ES=F) slipped 0.1%, while those on the tech-heavy Nasdaq 100 (NQ=F) dropped roughly 0.3%. Dow Jones Industrial Average (YM=F) futures hugged the flat line.

Stocks are trending toward a downbeat end to a stellar week of gains driven by optimism that President-elect Donald Trump’s policies will boost the economy. But the initial “Trump trade” rush appears to be fizzling out as Wall Street questions whether Trump will be able to push through his ambitions policies. The dollar (DX=F) and Treasury yields, for instance, have given up many of their post-election gains.

Disappointment over China’s new fiscal stimulus also dampened market spirits, putting pressure on oil prices, the yuan and local stocks. The $1.4 trillion plan to refinance local government debt left investors unconvinced of its potential to spur a faltering economy.

Even so, Wall Street major gauges are still on track for strong weekly wins after racking up more records on Thursday as the Federal Reserve delivered the expected interest-rate cut. The S&P 500 is closing in on crossing the 6,000 level for the first time.

On the corporate front, Sony (SONY) shares popped in premarket trading after the PlayStation maker posted a 73% jump in quarterly profit. Meanwhile, Nissan (NSANY) stock sank as investors absorbed the automaker’s plans to slash 9,000 jobs. Earnings from Paramount (PARA, PARAA) are also on the docket on Friday.