Stock contracts opened lower late Monday after a mixed day on Wall Street.
Both the S&P 500 and Nasdaq reached a record high at the end of the regular session, led by a rise in technology stocks. The Dow ended slightly lower as financial, energy and industrial stocks came under pressure.
‘Today was really a continuation of what we saw last week, where the cyclical rotation that has gone really vertical since the Pfizer vaccine was first announced in November, took a break, and you get a little revision of some of the Big Tech names, ”said Ross Mayfield, an analyst at Baird Investment Strategy. told Yahoo Finance on Monday.
‘The cyclical rotation that was based on some kind of economic boom in 2021 … I think it still makes sense, I think we’re still on our way to it, but it’s never going to be a real straight line essential volatility we are seeing due to the pandemic on the ground, ”he added.
Stocks also closely watched the rating of traders on the road ahead for more fiscal stimulus this week, as President Joe Biden campaigned for a $ 1.9 billion proposal for coronavirus relief through a hesitant Congress. Biden said during a new conference on Monday that he was “open to negotiating” some points of the proposal, including his call for additional $ 1,400 direct checks for most Americans.
As for the timing, however, hopes for a speedy passage of another stimulus package have been dashed after Senate Majority Leader Chuck Schumer said he wants to advance the next round of virus relief legislation by mid-March, Bloomberg said Monday. report.
‘I expect the stimulus bill to be passed, but I think it will probably take a few weeks before that happens. “We have a divided Congress, a proposed $ 1.9 trillion bill after a $ 900 billion bill that just passed in December, so I don’t think the $ 1.9 trillion will probably be passed first.” Colleen MacPherson, Director of Research at Penobscot Investment Management, told Yahoo Finance. ‘But I think in the stimulus bill it will be more targeted at individuals. We may not have that $ 1400 in direct payments. There will probably be negotiations there. And I do not think the federal minimum wage will be [raised] up to $ 15. ”
Meanwhile, investors are also keeping a close eye on corporate earnings and economic data this week. Well-known companies such as Raytheon Technologies (RTX), Johnson & Johnson (JNJ), General Electric (GE), DR Horton (DHI), 3M (MMM), Lockheed Martin (LMT), American Express (AXP) and Verizon (VZ), Yahoo Finance’s parent company will report results on Tuesday morning.
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18:01 ET Monday: Stock contracts open slightly lower
These were the main movements in markets from 18:01 ET on Monday:
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S&P 500 futures (ES = F): 3,843.5, with 5 points or 0.13% lower
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Dow futures (YM = F): 30,842.00, 26 points or 0.08% lower
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Nasdaq futures (NQ = F): 13,451.5, with 24 points or 0.18% lower
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