Stock futures opened lower Monday evening at the tail end of a mixed session on Wall Street.
The Nasdaq ended the regular trading day at a record high as tech shares marched much higher. The S&P 500 and Dow edged lower, nonetheless, to move back from the record levels the two indices achieved on Friday.
Investors this week have been closely monitoring advancements out of Washington, with lawmakers still working to agree on steps to fund the government as well as 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 to be able to stay away from a government shutdown, House Majority Leader Steny Hoyer said in a tweet.
A package to provide a large number of billions of dollars more in virus relief aid was furthermore supposed to be included in the federal 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 one trillion program and also the billions it will allocate to local governments and state remains not clear.
Meanwhile, still-rising coronavirus case counts have also raised the specter of further lockdowns in the country, raising the urgency for lawmakers to offer support to Americans while they await a vaccine. Coronavirus cases have averaged almost 200,000 every single day in the U.S. over the past week, and the average of number of deaths reported each day increased to more than 2,000 each day over exactly the same period, nearing levels from April.
We haven’t seen the scope of spread that’s going to take place after the Thanksgiving holidays, and we are previously learning about a lot of wellness systems that are reaching capability in phrases of ICU beds specifically, Johns Hopkins Medicine’s Dr. Brian Garibaldi told Yahoo Finance on Monday. Things are sure to get worse before they get better.
But even given the still-dire virus situation, traders have largely kept piling into stocks.
This’s naturally the second if not the third wave in many areas of the world. I believe the market has noticed this film before, and indeed the market is looking through, Anik Sen, PineBridge Investments worldwide head of equities, told Yahoo Finance. Short term, naturally, you will find some uncertainties in terminology of the trajectory of the pandemic and short-term uncertainties in terms of the policy effect. But I do think the market is actually becoming much more comfortable that we should see a stimulus bill in the next day or two and even prior to the year end… There is a great deal of market opportunity left.
6:07 p.m. ET Monday: Stock futures point lower
The following were the main actions 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 64 points or even 0.21%
Nasdaq futures (NQ=F): 12,580.5, down 15.5 points or even 0.12%