U.S. stock futures were flat Monday night after a volatile day on Wall Street that saw the Dow Jones industrial average off a 400-point deficit.
Dow-linked futures contracts slipped about 40 points, or 0.1%, while the S&P 500 lost the same amount. Futures for Nasdaq 100 rose 0.1%.
The future move came as Congressional leaders in Washington moved toward a $ 900 billion economic relief package. An agreement was reached on Sunday night, but the text of the final contract was not published until Monday afternoon. A vote is expected on Monday night.
During regular market hours on Monday, stocks opened much lower amid concerns about a new Covid-19 variant in the UK. Many European countries have imposed travel restrictions on visitors from the UK, and New York Gov. Andrew Cuomo on the United States to take similar steps.
However, many experts, including those from the World Health Organization, said Monday that the coronavirus vaccines from Pfizer and Moderna were likely to be effective against the new variant and that Covid was choking at a higher rate. slower than the seasonal flu.
The Dow finished with a gain of 37 points, thanks in part to strong performance bank stock. The S&P 500, Nasdaq Composite and related stocks ended the travel industry long since their session rallies.
Jonathan Golub, US Credit Suisse’s chief equity strategist, told Closing Bell that he expected continued continuity in the economy and markets in the coming months before rising consumer spending in mid-2021.
“I don’t think there’s a smooth, easy story on this,” Golub said. “I think for the next three or four months, the reopening process is going to be sloppy.”
Monday was also the first trading day where Tesla was a member of the S&P 500. Electric vehicle stock showed 6.5%, with part of that loss coming after Reuters reported that Apple was targeting 2024 as a date for the introduction of his own passenger vehicle.
In terms of economic data, investors will receive new readings on consumer confidence and home sales that are up on Tuesday.
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