A pedestrian pass for the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Stock futures were flat on Monday in the stock market as the S&P 500 again failed to reach a record high, set a level before the coronavirus crisis hit.
Futures on the Dow Jones Industrial Average dipped about 10 points. The S&P 500 and the Nasdaq 100 futures were not much changed either.
The S&P 500 closed Monday’s session up 0.3%, just sorry for its record high of 3,386.15 from 19 February. The broad equity meter has been flirting with its extremely high since last week.
The market is stuck in a tight range as hopes for a new coronavirus incentive campaign dim with lawmakers unwilling to break a stalemate. Democrats and Republicans are holding their respective presidential nominating conventions this week and next.
“Markets lack a catalyst to help markets overcome technical resistance,” said Mark Hackett, Nationwide Head of Investment Research, in a note. “The S&P 500 has seen its best 100-day move in history, and is therefore making optimistic assumptions about economic recovery and fiscal stimulus. These factors will have to surprise the upside to drive markets materially higher.”
The S&P 500 drove more than 50% of its March bottom amid massive fiscal stimulus and better-than-fear earnings results. The tech-heavy Nasdaq Composite broke a new record close and intraday high during Monday’s trading, pushing its 2020 gains to 24%.
Meanwhile, tensions between the US and China are still keeping investors at the forefront. The Trump administration announced on Monday that it will further tighten restrictions on Huawei, with the goal of giving the Chinese telecom giant access to commercially available chips.
Investors will check on the clock Tuesday for gains from retail tweed Home Depot, Walmart and Kohl’s to assess how the sector navigated the pandemic’s unusual disruptions.
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