Traders work on the floor of the New York Stock Exchange.
Stock futures held steady on Sunday before the last trading week of 2020.
Futures on the Dow Jones Industrial Average earn 30 points. S&P 500 futures rose 0.1% and Nasdaq 100 futures traded 0.2% higher.
Investors monitored the status of a $ 900 billion Covid-19 bill, which was passed by both houses of Congress but not signed by Donald Trump. His resistance threatens to strike the government when funding runs out on Tuesday at 12:01 p.m. Trump criticized the bill’s direct payments of $ 600 to Americans and demanded $ 2,000 checks instead.
‘Trump has turned what is usually one of the slowest weeks of the year into a rather turbulent period, as investors look to see if the House can dominate its defense veto and whether it makes up for its implied threat to veto the budget / stimulus legislation . ‘Adam Crisafulli, founder of Vital Knowledge, said in a note.
Trump tweeted Sunday night that there would be “good news” about the relief bill.
Millions of Americans who have lost have increased unemployment benefits as the Pandemic Unemployment Assistance program expires overnight.
Wall Street comes from a quiet holiday week where the biggest averages achieved a flat yield. The S&P 500 fell 0.2% last week as some investors picked up the chips by year-end. The Dow shares with 30 shares made a gain of 0.1% for the same period.
Profit-taking may increase in the last week of the year, which has so far yielded surprisingly strong returns. The S&P 500 has risen 14.6% so far, while the Dow has climbed 5.8%. The Nasdaq soared 42.7% this year as investors favored the growth of technology names during the ongoing Covid-19 pandemic.
Dr Anthony Fauci warned on Sunday that the country could see a surge in new Covid-19 infections after Christmas and New Year celebrations. Two vaccines by Pfizer and Moderna began the distribution process this month. To date, more than one million people in the United States have been vaccinated.
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