Stock futures opened lower Monday evening at the conclusion of a diverse session on Wall Street.
The Nasdaq concluded the regular trading day at a record high as tech shares marched much higher. The S&P 500 and Dow edged lower, however, to move back from the record amounts the two indices achieved on Friday.
Investors this week have been closely monitoring advancements out of Washington, with lawmakers still working to agree on measures to fund the government and also provide another virus relief program. 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 avoid a government shutdown, House Majority Leader Steny Hoyer said in a tweet.
A program to offer a large number of billions of dollars more in virus relief aid was likewise expected 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, nonetheless, whether Senate Majority Leader Mitch McConnell will help support the near-1dolar1 one trillion program and the billions it’ll allocate to state and local governments remains not clear.
Meanwhile, still-rising coronavirus case counts have also raised the specter of further lockdowns of the land, increasing the urgency for lawmakers to provide help to Americans while they await a vaccine. Coronavirus cases have averaged nearly 200,000 every single day in the U.S. over the past week, along with the average of number of deaths reported everyday increased to much more than 2,000 per day over the same time, nearing levels from April.
We have not seen the amount of spread that is going to take place after the Thanksgiving holidays, and we’re previously hearing about a lot of wellness methods that are reaching capability in terms of ICU beds specifically, Johns Hopkins Medicine’s Dr. Brian Garibaldi told Yahoo Finance on Monday. Things will get worse before they get better.
But also given the still-dire virus situation, traders have mostly kept piling into stocks.
This is of course the next if not the third trend in a number of areas of the planet. I do think the market has seen this film before, and really the industry is actually scrolling through, Anik Sen, PineBridge Investments global head of equities, told Yahoo Finance. Short-term, of course, you will find some uncertainties in terms of the trajectory of the pandemic and short-term uncertainties in terms of the policy effect. Though I think the industry is getting a lot more comfortable that we should see a stimulus bill in the next few days and even prior to the year-end… There is a lot of market opportunity remaining.
6:07 p.m. ET Monday: Stock futures point lower
The following had been the primary movements in markets, as of 6:07 p.m. ET:
S&P 500 futures (ES=F): 3,683.25, printed 7.5 points or perhaps 0.2%
Dow futures (YM=F): 29,993.00, down 64 points or even 0.21%
Nasdaq futures (NQ=F): 12,580.5, down 15.5 points or even 0.12%