[ad_1]
Stock futures opened lower late Monday after a mixed day on Wall Street.
The S&P 500 and Nasdaq hit record closing highs at the end of the regular session, led by a rally in tech stocks. The Dow Jones finished slightly lower as financials, energy and industrials came under pressure.
“Today was really a continuation of what we saw last week, where the cyclical rotation that had really gone vertical since the Pfizer vaccine was first announced in November has kind of taken a break, and you’ve seen a bit of a reaffirmation from some of the Big Tech names, ”Ross Mayfield, Investment Strategy Analyst at Baird Yahoo Finance told Yahoo on Monday.
“The cyclical rotation that was based on some kind of economic boom in 2021 … I think it still makes sense, I think we’re still on the right track, but it was never going to be a really straight line being given the overall volatility that we are seeing given the pandemic on the ground, ”he added.
This week’s shares also closely followed traders’ assessments on the way forward for more fiscal stimulus, as President Joe Biden struggles to push through a $ 1.9 trillion coronavirus relief proposal. dollars through a hesitant Congress. Biden told a new conference on Monday that he was “open to negotiating” certain points of the proposal, including his call for additional direct checks of $ 1,400 for most Americans.
In terms of timing, however, hopes of a quick passage of another stimulus package faded, after Senate Majority Leader Chuck Schumer said he aimed to move the next round forward. virus control laws by mid-March, Bloomberg reported on Monday.
“I expect the stimulus bill to pass, but I think it will probably take several weeks for that to happen. We have a divided Congress, a $ 1.9 trillion bill proposed after a $ 900 billion bill that just passed in December, so I don’t think the $ 1.9 trillion is even likely to be adopted ”, Colleen MacPherson, Research Director of Penobscot Investment Management, told Yahoo Finance. “But I think in the stimulus bill it will target individuals more. We may not have that $ 1,400 in direct payments. There will probably be negotiations there. And I don’t think the federal minimum wage will be [raised] at $ 15. “
Meanwhile, investors are also watching closely this week’s busy schedule of business results and economic data. Notable companies such as Raytheon Technologies (RTX), Johnson & Johnson (JNJ), General Electric (GE), DR Horton (DHI), 3M (MMM), Lockheed Martin (LMT), American Express (AXP) and Verizon (VZ) , the parent company of Yahoo Finance, are expected to release their results Tuesday morning.
–
6:01 p.m. ET Monday: Stock futures open slightly lower
Here are the main moves in the markets, at 6:01 p.m. ET Monday:
-
S&P 500 Futures (ES = F): 3,843.5, down 5 points or 0.13%
-
Dow Futures (YM = F): 30,842.00, down 26 points or 0.08%
-
Future Nasdaq (NQ = F): 13,451.5, down 24 points or 0.18%
–
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
Find live stock quotes and the latest economic and financial news
For tutorials and information on investing and trading stocks, check out Cashay
[ad_2]
Source link