Rep. Jody Hice, R-Ga., says there’s a lot of negotiations that are underway with both the House and the Senate and adds that ‘everything is on the table,’ including enhanced unemployment, as they hope this next round of stimulus will help the economy continue to recover.
U.S. equity futures are trading higher to start the new week which will be loaded with key earnings reports.
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The major futures indexes are suggesting a rise of 0.4 percent when the Monday Wall Street session begins.
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Several issues could influence the direction of the market including U.S.-China tensions, coronavirus cases and a slew of corprorate earnings reports.
Investors are gearing up for the busiest week of second-quarter earnings season. A dozen of the 30 Dow Industrial companies are set to report, along with 179 companies in the S&P 500, or more than a third of the benchmark index. Among the names reporting during the week will be Facebook on Wednesday, then Apple, Amazon and Google on Thursday.
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In Asian markets, the Nikkei in Tokyo fell 0.2 percent, the Hang Seng in Hong Kong lost 0.5 percent and China’s Shanghai Composite Index was off 0.2 percent.
Investors were rattled last week by the latest U.S.-Chinese diplomatic feud. The Trump administration told Beijing last week to close its consulate in Houston. China responded by ordering the closure of the U.S. consulate in the southwestern city of Chengdu.
Gold jumped $31.10 to a record $1928.50 per ounce in a sign investors were looking for safe havens to park money.
On Friday, Wall Street’s benchmark S&P 500 index lost 0.6 percent, the Dow Jones Industrial Average slid 0.7 percent and the Nasdaq composite fell 0.9 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26469.89 | -182.44 | -0.68% |
| SP500 | S&P 500 | 3215.63 | -20.03 | -0.62% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10363.177069 | -98.24 | -0.94% |
Investors also are worried about a rise in U.S. layoffs as spiking coronavirus infections lead more businesses to shut down. Extra unemployment benefits expire this week. Congress has yet to agree on more economic aid.
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In energy markets, benchmark U.S. crude was off by 16 cents to $41.14 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 22 cents on Friday to settle at $41.29. Brent crude, used to price international oils, lost 19 cents to $43.15 per barrel in London.
The Associated Press contributed to this article.
