Stock futures open lower with rising COVID-19 instances, stimulus in focus.
Stock futures opened lower Monday evening at the conclusion of a diverse session on Wall Street.
The Nasdaq ended the regular trading day at a record high as tech shares marched higher. The S&P 500 and Dow edged lower, nonetheless, to pull back from the record levels the two indices attained on Friday.
Investors this week have been closely monitoring developments out of Washington, with lawmakers still working to agree on steps to fund the government and provide another virus relief package. Lawmakers are poised to vote Wednesday on a continuing resolution to push back a deadline to fund the government through Friday to next week in order to stay away from a government shutdown, House Majority Leader Steny Hoyer said in a tweet.
A package to provide a huge selection of huge amounts of dollars more in virus relief aid was likewise supposed to be included in the government spending bill. House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer have backed the $908 billion coronavirus stimulus proposition a bipartisan group of lawmakers released last week, although whether Senate Majority Leader Mitch McConnell will help support the near-1dolar1 1 trillion program as well as the billions it’ll allocate to local governments and state remains not clear.
Meanwhile, still-rising coronavirus situation when counts have likewise raised the specter of more lockdowns in the land, increasing the urgency for lawmakers to offer support to Americans even though they await a vaccine. Coronavirus cases have averaged almost 200,000 every single day in the U.S. over the past week, as well as the average of number of deaths reported everyday increased to much more than 2,000 each day with the same period, nearing levels from April.
We have not seen the scope of spread that is going to happen after the Thanksgiving holidays, and we’re previously learning about a lot of health methods that are reaching capacity in terminology of ICU beds specifically, Johns Hopkins Medicine’s Dr. Brian Garibaldi told Yahoo Finance on Monday. Things will get worse before they get much better.
But even given the still dire virus circumstance, traders have mostly kept piling into stocks.
This is of course the second if not the third trend in several parts of the planet. I think the market has noticed this film before, and really the industry is looking through, Anik Sen, PineBridge Investments worldwide head of equities, told Yahoo Finance. Short term, of course, there are a number of uncertainties in terms of the trajectory of the pandemic and short-term uncertainties in terms of the policy response. however, I do believe the industry is getting more comfortable that we need to see a stimulus bill in the next couple of days or before the year-end… There is plenty of market opportunity left.
6:07 p.m. ET Monday: Stock futures point lower
The following had been the main movements in markets, as of 6:07 p.m. ET:
S&P 500 futures (ES=F): 3,683.25, printed 7.5 points or even 0.2%
Dow futures (YM=F): 29,993.00, down sixty four points or even 0.21%
Nasdaq futures (NQ=F): 12,580.5, down 15.5 points or perhaps 0.12%