A pedestrian outside the New York Stock Exchange in New York, July 29, 2020.
Wang Ying | Xinhua News Agency | Getty Images
US stock futures changed little on Sunday night as investors braced for a busy week of corporate earnings and overseen Washington business negotiations.
The futures for the Dow Jones Industrial Average and S&P 500 traded near the flat line while those for the Nasdaq 100 rose 0.1%.
The movement in futures follows a strong week for the stock market. The Dow was up 3.3% and posted its biggest gain in a week since August, while the S&P 500 and Nasdaq Composite rose 3.8% and 4.6%, respectively, for their best weeks since July.
“Last week’s markets seemed to be increasing perceived clarity of choice and thus the likelihood of additional financial incentives – at least in the pipeline. This was reflected in the outperformance of small cap versus rising government bond yields,” said Julian Emanuel, chief equity and derivatives BTIG strategist said in a note to customers Sunday.
However, the chances of another round of pre-election incentives seemed to worsen over the weekend as both House Speaker Nancy Pelosi, D-Calif., And Senate Republicans hit one $ 1.8 trillion offer from the White House.
In a letter to colleaguesPelosi highlighted what, in their opinion, were inadequate health services.
“The news is filled with numbers in dollars. The crux of the matter is, can we let the virus rage on science and ignore it as the government is suggesting, or will they accept the scientific strategic plan in the Heroes Act to make it happen to destroy?” the virus, “Pelosi said, referring to a bill that the Democrats had already passed in the House.
Meanwhile finance minister Steven Mnuchin and White House Chief of Staff Mark Meadows, in their own letter to Congress on Sunday, called for a separate vote on the paycheck protection program.
The apparent dead ends follow a whirlwind week in Washington when President Donald Trump once broke off negotiations, saying Congressional Republicans should focus on reassigning Amy Coney Barrett to the vacant Supreme Court seat. Trump then reversed his position and said “go big“in negotiations.
In Monday’s session, investors and traders could also adjust their positions before the third quarter earnings season shifts into high gear later in the week. Several major banks and airlines are expected to report their results, including JPMorgan Chase and Delta Airlines on Tuesday.
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