US stock futures were slightly higher on Monday night ahead of Tuesday’s first presidential debate.
Dow Jones Industrial Average futures rose about 80 points, or 0.3%. Contracts for the S&P 500 and Nasdaq Composite also won about 0.3%.
The quiet move in futures followed a steady start to the week for shares during the session on Monday, as the Dow rose 410 points, or 1.5%. The S&P 500 and Nasdaq rose 1.6% and 1.9%, respectively.
Monday’s rally created the market to snap losing streaks. The Dow and S&P 500 fell for four consecutive weeks. Nasdaq Composite managed to break its own three-week series with 1
David Waddle, chief executive of wealth strategy firm Waddell & Associates, said he saw the recent weakness in the market as a necessary “unifier” for major technology stocks and that stocks were set for short-term volatility as the indices withdrew from the water.
“I think we’re on the sidelines. We’ll just do it like we’re on a trampoline,” Waddle said. The strategist also said that his clients still had a large amount of their assets in cash, which suggests potential support for the market.
Political news is likely to be the main driver of market news this week, with the first debate between President Donald Trump and Democratic nominee Joe Biden scheduled for Tuesday night. Some Wall Street analysts believe that the first debate in this cycle may be more relevant to the markets than most debates, with a clear victory for a candidate likely to create significant market moves.
Parliament Speaker Nancy Pelosi said Monday night that Democrats are presenting a new $ 2.2 trillion stimulus package, smaller than the $ 3 trillion previously proposed in the crisis but still well above what Republican leaders have offered. The new bill will include increased unemployment benefits and assistance for airlines and state and local governments, according to a summary.
Stock ups on Monday came after mixed news of the coronavirus reaction over the weekend. As for the bull market, Florida lifted restrictions on restaurant capacity over the weekend, and Pelosi said he believed another relief bill was still on the table.
However, cases in the United States continue to rise again, and Dr. Anthony Fauci said on Monday that the United States “is not in a good place” as colder weather approaches.
Before the debate begins, investors will take a closer look at the state of the semiconductor industry when Micron reported its financial results for the fourth quarter after the bell on Tuesday. Shares rose 1.2% on Monday, despite receiving a “negative catalyst clock” from Citi.
Don’t miss CNBC and institutional investors Holding an Alpha conference on Sept. 30, starring Treasury Secretary Stephen Mnuchin, Senator Elizabeth Warren, Joseph Tsai of Alibaba, Robert Smith of Vista Equity Partners, Mary Callahan Erdos of JP Morgan, Jeff Uben of Inclusive Capital and others.