U.S. stock futures are trading lower as investors wait for extra coronavirus updates as more cities consider opening services in numerous phases as part of a more comprehensive strategy to start restarting the U.S. economy.
The Dow Jones Industrial Average had trimmed losses to 73 points after opening over 200 points down since 1: 30 a.m. ET while the S&P 500 was off 0.2 percent and the Nasdaq Composite was bit changed.
In addition, investors and small company owners are enjoying whether the federal government’s Paycheck Protection Program, which ran out of funds last week, will be renewed.
President Trump, during his coronavirus task force update on Sunday evening, stated negotiations were ongoing with the Democrats after additional funding after stopped working to come together late last week.
Home Speaker Nancy Pelosi indicated the exact same during an interview on “Fox News Sunday.”
” They will have more money as soon as we come to agreement, which will be quickly,” said Pelosi including, “And I believe people will be extremely happy, because these small businesses must flourish in a neighborhood where their health is important to them opening up, and they have to open up in order to flourish.”
CHASE LEADS CORONAVIRUS LOANS
The White Home is positive a deal will be reached, an administration source told Fox News on Friday. That package would consist of another $250 billion for income program loans, an unidentified amount for the SBA’s economic-injury disaster loan program and $75 billion for healthcare facilities, the source stated.
In Asian markets on Monday, Japan’s Nikkei fell 1 percent, Hong Kong’s Hang Seng slipped 0.2 percent and China’s Shanghai Composite acquired 0.2 percent.
JC PENNEY TO MISS OUT ON $12 M LOAN PAYMENT AS MERCHANT MULLS PERSONAL BANKRUPTCY
In retail news, Neiman Marcus might file for bankruptcy as quickly as this coming week, Reuters reported, noting it would be the first merchant to fall given that the coronavirus pandemic hit. JC Penney is another seller that has discussed exploring choices as shop closures throughout the nation take their toll on the bottom line.
THE SMALL BIZ LOANING PROGRAM RUNS DRY
Regardless of the continuous uncertainty in the U.S. economy stocks capped off a strong Friday and notched their 2nd straight week of gains. For the Dow the two-week percentage gain of 15 percent is the best because 1938 while the S&P’s 15.5 percent dive is the very best because 1974 and the Nasdaq’s 17 percent jump is the greatest given that 2001, as assembled by the Dow Jones Market Data Group.
Still, oil remained under pressure, falling Monday over 17 percent to $1508, after dropping 19.7 percent for the week. WTI touched an 18- year low of $1731 on Friday prior to rallying into the close. On the other hand gold fell 2.7 percent for the week to $ 1,689 per ounce.
Earnings will remain in focus next week with business consisting of IBM, Netflix, Halliburton and Coca-Cola to name a few, all reporting outcomes.
CLICK HERE TO READ MORE ON FOX BUSINESS
