U.S. stock futures were flat in early morning trading on Wednesday as investors clung to the possibility of new fiscal stimulus before the end of the year. Market participants are also looking to the Federal Reserves comments on Wednesday about the future of the U.S. economy. Dow futures fell just 31 points. SP 500 futures and Nasdaq 100 futures also both traded close to the flatline.
On Tuesday, the major average bucked a several day streak of negative sessions, with all three indices closing with gains. The Dow Jones Industrial Average climbed nearly 340 points, helped by a 5 jump in Apples stock. The SP 500 climbed 1.3, snapping a 4day losing streak. The Nasdaq Composite ended the day 1.25 higher at a new record. The Russell 2000 small cap index closed up 2.4 at a new record close.
Investors cheered developments in Washington regarding a stimulus package to helping ailing Americans from the economic ramifications of the Covid19 pandemic. House Speaker Nancy Pelosi invited congressional leaders, including Senate Majority Leader Mitch McConnell, to discuss government funding and the relief package on Tuesday. McConnell later told reporters as he was leaving the Capitol that significant progress was being made, according to NBC News.
The first plan calls for 748 billion in spending for programs liked by both Republican and Democrats, including federal unemployment benefits and additional loans under the Paycheck Protection Program. A second 160 billion bill would…