Brendan McDermid | Reuters
Futures tied to major U.S. equities did not change much in trading on Monday after days of gains on Wall Street pushed the S&P 500 within striking distance of a record high.
Dow Jones Industrial Average futures dipped about 10 points. The S&P 500 and the Nasdaq 100 futures were also flat.
The 30-share Dow gained about 350 points in regular trading on Monday, placing its seventh positive session in a row – its longest winning streak since September 2019. The S&P 500 gained 0.2%, sitting just 0.9% below its record high set in February. Meanwhile, the Nasdaq underperformed with a 0.4% loss as investors rotated from some of the high floors.
“Markets are looking forward to better days ahead,” said Jeff Buchbinder, equity strategist at LPL Financial, in a note. “While the timing is uncertain, the stock market expresses confidence that the pandemic will eventually end with one vaccine – or multiple vaccines – and with the help of better interim treatments.”
Investors are still struggling with the uncertain fate of further coronavirus stimulation aimed at supporting Americans struggling during the pandemic.
Treasury Secretary Steven Mnuchin said Monday that the White House is open to talks with Democrats using coronavirus and putting more relief ground on the table to reach a compromise.
House Speaker Mitch McConnell said in a tweet on Monday that he hoped lawmakers would finalize the bill this week and that he was pleased that President Donald Trump “stepped in to soften the blow of their hostage tactics.”
Over the weekend, Trump signed four executive orders to extend some help with coronavirus, including unemployment benefits, a tax vacation, student loan obligations until 2020 and expanding federal protections from eviction.
“Given the limited scope of the deal and the positive reaction in the market, investors hold an opportunity to reach a larger agreement,” said head of investment research Mark Hackett Nationwide, in a note on Monday.
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