A man in a mask walks the New York Stock Exchange (NYSE) on March 17, 2020 on Wall Street in New York City.
Johannes Eisele | AFP | fake pictures
US stock futures rose Sunday night as investors prepared for a big week of corporate earnings and lawmakers continued coronavirus stimulus negotiations.
Dow Jones Industrial Average futures were up 43 points, or 0.2%. S&P 500 futures gained 0.1% along with Nasdaq 100 futures.
McDonald’s, Pfizer, Alphabet, Apple and AMD are among the companies slated to release their latest quarterly figures this week.
As of Friday’s close, 128 S&P 500 companies had reported earnings, with 81% exceeding analyst expectations, according to Refinitiv. However, overall S&P 500 earnings have fallen more than 40% from the same period last year, as the coronavirus pandemic takes a big bite out of corporate profits.
“Stock prices soared even as analysts’ consensus estimated earnings estimates plummeted,” said Ed Yardeni, chief investment strategist at Yardeni Research. “These estimates have begun to show signs of bottoming out in recent weeks. However, any recovery could be dampened or even aborted if the COVID-19 case count continues to rise and state governors delay or reverse the lifting of restrictions on blocking”.
Merchants also turned their eyes to Washington when lawmakers attempted to advance another coronavirus stimulus package.
On Sunday, Treasury Secretary Steven Mnuchin said Republicans had finalized a bill for about $ 1 trillion in coronavirus relief funds. Mnuchin added that he hopes the proposal can find bipartisan support.
However, Jefferies chief economist Aneta Markowska warned that “there is still a big gap between the Republican Party and the Democrats, especially in unemployment benefits and state and local aid. Closing the gap will probably take more than a week. , which means that an agreement is unlikely to be reached before July 31. “
White House economic adviser Larry Kudlow shed some light on some of the measures included in the Republican Party proposal, noting: “A $ 1,200 check is coming, which will be part of the new package.”
Wall Street was emerging from a losing week as the shares of major tech companies struggled and tensions between the United States and China mounted. The Dow and S&P 500 each snapped a three-week winning streak. Meanwhile, the Nasdaq recorded its first consecutive weekly losses since May.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day scheduling from around the world.
.
