Stock market news live updates: Stock futures extend gains with stimulus prospects in focus
Stock futures traded higher Friday morning as investors continued to ponder the chances of a virus relief package, amid mixed signals from officials as to what size of proposal they could support.
The S&P 500, Dow and Nasdaq each closed at the end of the trading day on Thursday at their highest level in more than five weeks. Each of the 11 major sectors of the S&P 500 rose that day, with the energy, utilities and real estate sectors outperforming.
All three major indices were on track to post weekly gains of at least 2.7%, provided the gains hold through Friday's close of trading.
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Traders have been closely monitoring developments in Washington to weigh whether a full or partial stimulus package could emerge before Election Day on November 3rd. Additional relief efforts are seen as a key principle in promoting the recovery of the virus-hit economy. The Labor Department's weekly report on new jobless claims on Thursday morning showed that 840,000 people had applied for worse-than-expected unemployment insurance benefits over the past week, despite ongoing claims falling below 11 million for the first time since late March.
House spokeswoman Nancy Pelosi and Treasury Secretary Steven Mnuchin discussed additional incentives in a roughly 40-minute conversation on Thursday afternoon, Pelosi's spokesperson Drew Hammill said in a Twitter post.
Hammill reported that Mnuchin "made clear the president's interest in reaching an agreement on a comprehensive package" after Pelosi said earlier in the day that it would not support a stand-alone proposal designed to only support airlines. However, the White House has given mixed signals as to whether it would actually support a broader legislative package, with Trump and White House spokespeople reiterating conflicting views on their willingness to support a broader proposal in the past few days.
"A compromise on a major stimulus package in Washington could potentially bring another surprise in October, but chances are against as Election Day approaches," Jeffrey Buchbinder, LPL financial equity strategist, said in a note. "The look of nothing to do is not very good on either side and there are a lot of close races in the Senate right now, which suggests that there is still a glimmer of hope for a deal through November 3rd."
7:17 am ET Friday: Futures hold gains overnight
Here were the key moves in the markets as of 7:17 a.m. ET on Friday:
S&P 500 Futures (ES = F): 3,451.25, plus 13.75 points or 0.4%
Dow Futures (YM = F): 28,424.00, plus 114 points or 0.4%
Nasdaq Futures (NQ = F): 11,573.5, plus 34.5 points or 0.3%
Crude Oil (CL = F): - $ 0.33 (-0.8%) to $ 40.86 per barrel
Gold (GC = F): + $ 26.80 (1.41%) to $ 1,921.90 per ounce
10-year Treasury (^ TNX): +0.2 basis points for a return of 0.769%
6:04 p.m. ET Thursday: Stock futures open higher as investors provide incentives
Here were the key moves in the stock markets from 6:04 p.m. ET:
S&P 500 Futures (ES = F): 3,450.00, plus 12.5 points or 0.36%
Dow Futures (YM = F): 28,422.00, plus 112 points or 0.4%
Nasdaq Futures (NQ = F): 11,573.25, up 34.25 points or 0.3%
Traders wearing masks arrive on Wall Street in New York City before the opening bell on the New York Stock Exchange (NYSE) on May 26, 2020. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)
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ES = F.
YM = F.
NQ = F.
CL = F.
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