Stock futures opened lower on Monday after a mixed day on Wall Street.
Both the S&P 500 and the Nasdaq reached record highs at the close of the regular session, led by a rise in technology stocks. The Dow Jones ended slightly lower, as stocks in the financial, energy and industrial sectors came under pressure.
“Today was really a continuation of what we saw last week, where the cyclic rotation that had really been vertical since the Pfizer vaccine was first announced in November has taken a kind of break, and you have seen a little bit of reaffirmation the names of Big Tech ”, Ross Mayfield, investment strategy analyst at Baird told Yahoo Finance on Monday.
“The cyclical rotation that was predicated on a kind of economic boom in 2021 … I think it still makes sense, I think we are still on the way to that, but it would never be a truly straight line given the volatility of the headlines we see, given the pandemic there, ”he added.
Shares this week also closely followed traders’ assessments of the way forward for further fiscal stimulus, while President Joe Biden is pushing to approve a $ 1.9 trillion coronavirus relief proposal in a tentative Congress. Biden said during a new conference on Monday that he was “open to negotiating” some points of the proposal, including his request for an additional $ 1,400 overdraft for most Americans.
In terms of time, however, hopes for a rapid approval of another stimulus package have eased, after Senate majority leader Chuck Schumer said he intended to advance the next round of virus relief legislation by mid-March. , Bloomberg reported on Monday.
“I predict that the stimulus project will be approved, but I think it will probably take several weeks for this to happen. We have a split Congress, a $ 1.9 trillion bill proposed after a $ 900 billion bill that just passed in December, so I don’t think the $ 1.9 trillion is likely to pass, ”Colleen MacPherson, research director at Penobscot Investment Management, told Yahoo Finance. “But I think that in the stimulus project, it will be more targeted at individuals. We may not have that $ 1,400 in direct payments. There will probably be negotiations there. And I don’t think the federal minimum wage will be [raised] to $ 15. “
Meanwhile, investors are also closely monitoring this week’s busy schedule of corporate earnings results and economic data. Notable companies, including Raytheon Technologies (RTX), Johnson & Johnson (JNJ), General Electric (GE), DR Horton (DHI), 3M (MMM), Lockheed Martin (LMT), American Express (AXP) and Verizon (VZ) , the parent company of Yahoo Finance, is due to report the results on Tuesday morning.
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6:01 pm ET on Monday: Stock futures open slightly lower
Here are the main movements of the markets, starting at 6:01 pm ET on Monday:
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S&P 500 Futures (ES = F): 3,843.5, down 5 points or 0.13%
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Dow Futures (YM = F): 30,842.00, down 26 points or 0.08%
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Nasdaq Futures (NQ = F): 13,451.5, down 24 points or 0.18%
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