Traders work during the closing clock on the New York Stock Exchange (NYSE) on March 17, 2020 on Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
US activists picked up on Sunday night after Wall Street announced its third consecutive weekly bid, but fell short of breaking the all-time high on Feb. 19.
Dow Jones Industrial Average futures were up 48 points, to 0.2%. The S&P 500 and Nasdaq 100 futures also traded higher at 0.2% each.
The S&P 500 climbed 0.6% last week and the Nasdaq Composite advanced 0.1%. The Dow gained 1.8% last week.
Despite those gains, the S&P 500 failed to reach a fresh record high after flirting with the milestone for most of last week. By the close of Friday, the S&P 500 was just 0.6% below 3,393.52, the intraday record set in February.
“The S&P 500 is overbought in significant resistance and up against seasonal upswings,” said Ari Wald, chief technical analyst at Oppenheimer, in a note to customers. But should the market “consolidate from here, we will monitor an accumulation of equities to confirm what we expect from a breakout to a new height.”
Wall Street also wrestled with persistent concerns about halted negotiations over coronavirus stimuli and summer U.S.-China tensions.
Both Democrats and Republicans have indicated they are stalemate over a new incentive package. Democrats have proposed sending more than $ 900 billion to states and municipalities in a single bill. A GOP counter-offer did not include additional aid to states and local governments.
On Friday, President Donald Trump tweeted: “I am ready to send more money to states and local governments to save jobs for police, firefighters, first responders and teachers. DEMOCRATS ARE IT UP!”
On the US-China front, Trump on Friday issued an executive order forcing ByteDance to sell or spin its US TikTok business in 90 days. Trump cited “credible evidence” that ByteDance could “take action that threatens to restrict U.S. national security.”
Trump’s order came when relations between the two countries continued to deteriorate. The US has criticized China over its initial treatment of coronavirus outbreaks.
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