Stock futures rebound from earlier losses after Trump criticized economic aid bill

FAN Editor

U.S. equity futures are trading higher ahead of the Wednesday market open, after President Trump suggested he may veto a $900 billion economic aid package.

Continue Reading Below

Overnight, futures indexes rebounded from a 0.7% loss, to a gain on Dow futures of 0.2%.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Trump criticized the aid plan approved by Congress. He urged lawmakers to raise payments to the public.

Meanwhile, investor nerves were rattled by the emergence of a new variant of the coronavirus in Britain that spreads more easily. That has prompted some 40 governments to ban travelers from Britain.

BIDEN SAYS LAST-MINUTE CORONAVIRUS RELIEF BILL LEAVES WORK FOR NEXT CONGRESS

With the Christmas holiday approaching, investors will have a full plate of economic data that could influence trading.

Before the opening bell, reports on initial jobless claims for last week, personal income and spending for November, and durable goods orders, also for November, will be released. Later in the morning, November new home sales, consumer sentiment for December and energy inventories will be reported.

In Asia, the Nikkei 225 in Tokyo added 0.3%, the Hang Seng in Hong Kong gained 0.7% and China’s Shanghai Composite Index rose 0.8%.

Investors are hoping a new aid package from Congress can prop up the economy until the rollout of coronavirus vaccines allows business and consumer activity to revive.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30015.51 -200.94 -0.67%
SP500 S&P 500 3687.26 -7.66 -0.21%
I:COMP NASDAQ COMPOSITE INDEX 12807.918218 +65.40 +0.51%

On Tuesday, the S&P 500 declined to 3,687.26. About 65% of the companies in the index fell. Communication services, financial and other companies accounted for much of the selling. Tech companies rose. The Dow Jones Industrial Average slid 0.7% to 30,015.51. The Nasdaq composite rose 0.5% to a record 12,807.92.

Two reports Tuesday added to discouraging economic data.

One showed consumer confidence fell more than expected this month. Another showed the red-hot housing market is slowing.

CLICK HERE TO READ MORE ON FOX BUSINESS

In energy markets, benchmark U.S. crude lost 34 cents to $46.69 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 72 cents on Tuesday to $47.02. Brent crude, the basis for pricing international oils, declined 32 cents to $49.76 per barrel in London. It shed 83 cents the previous session to $50.08 a barrel.

The Associated Press contributed to this report.

Free America Network Articles

Leave a Reply

Next Post

California health system buckling under COVID-19 pandemic

California’s health care system is buckling under the strain of the nation’s largest coronavirus outbreak and authorities say it may fracture in weeks if people ignore holiday social distancing By ROBERT JABLON and DON THOMPSON December 23, 2020, 5:18 AM • 4 min read Share to FacebookShare to TwitterEmail this […]