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The New York Stock Exchange (NYSE) is pictured on August 31, 2020 at Wall Street in New York City.
AFP via Getty Images
U.S. stocks are set to begin the week in the green with
Dow Jones Industrial Average
futures gaining 154 points, or 0.6% on Sunday evening.
S&P 500
futures are up 0.6% and
Nasdaq Composite
futures gained 0.8%.
The S&P 500 closed down 2.5% last week, its worst weekly performance in a little more than a month and just the first time since May that the index has closed down two consecutive weeks.
Investors will be sizing up the recent decline in the shares of big tech companies that had previously have led the market to fresh highs.
Apple
was down 7% last week and the S&P 500 broader tech sector dipped over 4%.
A raft of tech IPOs may have lifted investors spirits ahead of this week’s trading. Among the most anticipated offerings are data-warehousing company Snowflake, videogame company Unity, and cloud-software firm JFrog.
On the downside, prospects are dimming for any further Covid-19 relief spending coming from Washington as Democrats and Republicans are still more than a trillion dollars apart from striking a deal. If no now stimulus passes, cash-strapped cities and states will be particularly hard hit, as will out-of-work Americans who are now collecting smaller enhanced unemployment checks.
Write to Ben Walsh at [email protected]
