April 23, 2021

Business Information

Traders Monitor Stimulus Talks, Futures Vault

2 min read
U.S. stock futures rose early Friday as Wall Street weighed the potential for additional fiscal...

U.S. stock futures rose early Friday as Wall Street weighed the potential for additional fiscal stimulus, as well as news on the earnings and coronavirus treatment fronts.

Futures for the Dow Jones Industrials gained 90 points, or 0.3%, to 28,358.

Futures for the S&P 500 picked up 12 points, or 0.4%, at 3,461.25.

Futures for the NASDAQ Composite grew 30.25 points, or 0.3%, to 11,680.

Gilead Sciences gained more than 5% in premarket trading after the Food and Drug Administration approved the company’s drug, remdesivir, for use as a treatment against the coronavirus.

Intel shares fell more than 9% in premarket trading following the release of mixed quarterly numbers for the chipmaker. The company’s earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates.

Futures’ slight move higher came after President Donald Trump and former Vice President Joe Biden took part in the final presidential debate before the Nov. 3 election.

The pair discussed a broad range of issues during the debate, including the coronavirus pandemic, foreign policy and health care. Futures, however, remained little changed throughout the debate.

Biden held a lead in most national polls heading into the debate as the possibility for a so-called Blue Wave grows. Some investors think a Democratic sweep could lead to a pop in equity prices in the short term. However, one hedge fund manager warned Thursday that this scenario could pressure stocks in the long term.

Stocks improved Thursday after House Speaker Nancy Pelosi signaled she and Treasury Secretary Steven Mnuchin were making progress in their fiscal stimulus negotiations.

However, Pelosi also tempered expectations over Democrats and Republicans reaching a deal before the election, saying it could take “a while” for a bill to be written and signed.

Overseas, in Japan, the Nikkei 225 was better by 0.2% Friday, while in Hong Kong, the Hang Seng index grew 0.5%.

Oil prices inched up eight cents to $40.72 U.S. a barrel.

Gold prices gained $10.90 to $1,915.50.

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