Stock futures pointed to a higher open Monday morning after President Donald Trump signed a virus relief package after a multi-day delay.
Contracts on the Dow rose 0.6%, or about 180 points, and those on the S&P 500 and Nasdaq increased 0.7%.
Trump gave approval to Congress’s bipartisan $900 billion stimulus package Sunday evening after objecting to the bill earlier last week. In approving the stimulus package, Trump also signed Congress’s $1.4 trillion omnibus bill providing funds for the government through the end of the fiscal year, averting a government shutdown.
The virus relief package included a more modest $600 payment that fell short of Trump’s demand to cut $2,000 checks to most Americans. Trump also called for lawmakers to cut items he considered “wasteful and unnecessary” in the bill.
House Speaker Nancy Pelosi is set to hold a roll call vote over a separate measure to increase the direct payments on Monday, after having failed to pass it through unanimous consent on Thursday. It is unclear whether or when the Republican-controlled Senate would take up the measure.
In its current form, the stimulus package includes a host of measures to support individual Americans and businesses struggling amid the ongoing pandemic, which as of Monday had sickened more than 19 million people in the U.S. The legislation includes approximately $325 billion in aid for small businesses and replenishes the Paycheck Protection Program, and extends federal unemployment benefit programs and offers an enhanced $300 per week in jobless insurance.
Still, the delay on signing the bill into law created a lapse in unemployment benefits for the about 14 million Americans claiming federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation, as both of these programs expired on Saturday without the new stimulus measures to renew them. There is likely to be a brief delay in re-starting these programs under the new authorization, experts have said.
7:15 a.m. ET Monday: Stock futures point to a higher open
Here were the main moves in markets, as of Monday morning:
S&P 500 futures (ES=F): 3,719.75, up 24.75 points or 0.67%
Dow futures (YM=F): 30,269.00, up 160 points or 0.53%
Nasdaq futures (NQ=F): 12,787.75, up 83.25 points or 0.66%
Crude (CL=F): +$0.48 (+1.00%) to $48.71 a barrel
Gold (GC=F): -$5.40 (-0.29%) to $1,877.80 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 0.955%
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