Inventory futures will stay unchanged as Wall Road will hit the final week of 2020
Traders work on the trading floor of the New York Stock Exchange.
Stock futures remained stable in night trading on the Sunday before the last trading week of 2020.
The futures on the Dow Jones Industrial Average fell 30 points. S&P 500 futures fell 0.1% and Nasdaq 100 futures were little changed.
Investors monitored the status of a $ 900 billion Covid-19 relief bill passed by both houses of Congress but not legally signed by President Donald Trump. His opposition threatens the government to shut down when funding expires at 12:01 a.m. on Tuesday. Trump criticized the bill’s $ 600 direct payments to Americans, calling for $ 2,000 checks instead.
“Trump made what is usually the slowest week of the year a pretty eventful time as investors watch to see if the House can override its defense veto and if he makes good on his implicit threat to veto budget / incentive legislation. ” “Adam Crisafulli, founder of Vital Knowledge, said in a note.
Millions of Americans lost increased unemployment benefits when the Pandemic Unemployment Assistance program expired overnight.
Wall Street has had a quiet week of holidays with major averages posting flat returns. The S&P 500 fell 0.2% last week as some investors took off year-end chips. The 30-share Dow gained 0.1% over the same period.
Profit taking could rise in the last week of the year, which has seen surprisingly high returns so far. The S&P 500 is up 14.6% year-to-date while the Dow is up 5.8%. The Nasdaq is up 42.7% this year as investors preferred high-growth technology names during the ongoing Covid-19 pandemic.
Dr. Anthony Fauci warned on Sunday that the country could see a surge in new Covid-19 infections after Christmas and New Years. Two vaccines from Pfizer and Moderna started the distribution process this month. To date, over a million people have been vaccinated in the United States.
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