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U.S. stock futures are lower hours ahead of the opening bell Friday, after President-elect Joe Biden announced his plans to propose a $ 1.9 billion package to help repair the coronavirus pandemic. Biden spoke about the plan after Thursday’s close.
Stocks in this article
$ 13112,637463
-16.31 (-0.12%)
Biden’s coronavirus plan will include $ 1400 checks for individuals, in addition to the $ 600 provided in the last COVID-19 account. The plan will also give a temporary boost to unemployment benefits and a moratorium on evictions and negatives until September. It also provides funds for a mass vaccination campaign and a major expansion of local public health efforts.
US forecast activity hits 16-YEAR LOW IN 2020 Despite economic recession
Markets have mostly risen higher in recent times amid growing optimism that the introduction of coronavirus vaccines later this year will provide the basis for a major recovery for the economy and corporate profits. Expectations are mounting for another round of stimulus coming for the economy, as Democrats will soon have control of Congress and the White House.
Investors hope more government stimulus could flood the economy until COVID-19 vaccines return to normal life and cause a vigorous recovery later this year.
US stock futures are lower hours ahead of the opening bell Friday, after President-elect Joe Biden announced his plans to propose a $ 1.9 billion package to help repair the coronavirus pandemic. Biden then spoke about the plan
But hopes are tempered by the reality that Biden may be struggling to gain support for massive spending, even by some Democrats, analysts say.
“To some extent, most of this optimism has been praised, but the big figures have also reflected a bit on whether the necessary dual support for this large amount will materialize,” said IG Jingyi Pan in a comment. it seems to be playing safe, ‘she said.
The sentiment was also clouded by US decisions to blacklist several Chinese companies. Chinese smartphone maker Xiaomi Corp., CNOOC, China’s third-largest national oil and aerospace company Skyrizon, is the latest to be blacklisted or out of the US stock markets due to alleged military ties. President Donald Trump’s government moved during his last term to increase pressure on Beijing.
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Meanwhile, Asian stocks fell on Friday after worse-than-expected jobs in the U.S. and a late move in several Big Tech stocks, leaving the large index on Wall Street lower.
The Japanese Nikkei 225 decreased by 0.6% to 28 518.65 and the Hang Seng in Hong Konglost decreased by 0.3% to 28 405.72. In Australia, the S & P / ASX 200 was tied at 6,715.40. South Korea’s Kospi rose 1.8% to 3,093.29, while the Shanghai Composite Index rose 0.6% to 3,543.64.
On Wall Street on Thursday, the S&P 500 fell 0.4% to 3,795.54. The benchmark index has been weakened by losses in Apple, Microsoft and other major technology companies.
The Dow Jones industrial average fell 0.2% to 30,991.52. The Nasdaq composite rose 0.1% lower to 13,112.64. The indices are still close to their record highs set last week.
The withdrawal follows another discouraging report showing how much damage the economy is causing as the pandemic worsens. Last week, 965,000 more U.S. employees applied for unemployment benefits as companies shut down and fired employees. This is sharply higher than the score of 784,000 from the previous week, and it is much worse than economists expected.
Smaller companies have jumped more than the rest of the market, as usual when investors improve their expectations for the economy. The Russell 2000 Index of Small Cap Shares rose 2.1% to 2,155.35.
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The yield on the ten-year treasury was 1.11% early Friday, lower than 1.13% on Thursday, but above the previous 1.07% level. The ten-year yield was 0.90% less two weeks ago, before two by-elections in Georgia gave democratic control of the Senate.
In other trades, U.S. standard crude oil traded 29 cents to $ 53.28 a barrel in electronic trading on the New York Mercantile Exchange. It climbed 66 cents to $ 53.57 on Thursday. Brent crude, the international standard, lost 46 cents to $ 55.96 a barrel.
The dollar slipped to 103.81 Japanese yen from 103.82 yen on Thursday. The euro weakened from $ 1.2155 to $ 1.2139.