From TheStreet’s “Stock Futures Slip on Worries Stimulus Package Could Be Delayed” posted early Monday:
Contracts linked to the Dow Jones Industrial Average fell 12 points, S&P 500 futures declined 5 points and Nasdaq futures were down 36 points ahead of earnings reports from some of the biggest tech companies.
Senate Majority Leader Chuck Schumer said Monday an aid package was unlikely before mid-March. That is when federal unemployment benefits authorized by last $900 billion package will expire.
President Joe Biden said he was open to negotiations on his proposed $1.9 trillion plan to send $1,400 to most Americans and deliver other support for the economy, including funds for vaccine distribution.
A bipartisan group of senators already have voiced opposition to the size of Biden’s plan.
The coronavirus pandemic, meanwhile, has killed more than 421,000 in the U.S. and concerns have been growing about the bumpy rollout of vaccines in the country. Biden said he anticipates vaccines will be available to anyone in the U.S. by spring, but to meet that projection vaccine makers will have to sharply increase production.
Stocks finished mixed on Monday amid questions about whether the Biden White House will be able to deliver another round of stimulus. The S&P 500 and Nasdaq, however, did manage to close at record highs.
My take: With three days of all-time highs to absorb, Apple’s on a knife’s edge.