Finance News

Inventory futures are rising because the S&P 500 tries to construct on final week's earnings and hit an all-time excessive

Traders work during the closing bell on the New York Stock Exchange (NYSE) on March 17, 2020 on Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

US stock futures rose on Sunday night after Wall Street posted its third straight weekly gain, but missed the all-time high set on February 19th.

The Dow Jones Industrial Average futures rose 72 points, or 0.3%. S&P 500 and Nasdaq 100 futures traded 0.2% higher each.

The S&P 500 was up 0.6% and the Nasdaq Composite was up 0.1% last week. The Dow was up 1.8% last week.

Despite those gains, the S&P 500 failed to hit a new record high after flirting with the milestone for most of the past week. By the close of trading on Friday, the S&P 500 was just 0.6% below 3,393.52, the intraday record set in February.

"The S & P 500 is overbought in important resistance and against seasonal headwinds," said Ari Wald, head of technical analysis at Oppenheimer, in a message to customers. However, should the market "consolidate from here, we will look for a buildup of cyclical stocks to confirm what we expect to break out of a new high."

Wall Street also grappled with lingering concerns over stalled coronavirus stimulus negotiations and simmering tensions between the US and China.

Both Democrats and Republicans have hinted they are in a stalemate over a new stimulus package. Democrats have proposed sending more than $ 900 billion in one bill to states and communities. A counter-offer by the GOP did not contain any additional aid for states and local governments.

On Friday, President Donald Trump tweeted: "I am ready to send more money to states and local governments to save jobs for police, firefighters, first responders and teachers. DEMOCRATS STOP THAT!"

On the US-China front, Trump issued an executive order on Friday that forced ByteDance to sell or outsource its US TikTok business within 90 days. Trump cited "credible evidence" that ByteDance could "take measures that threaten the national security of the United States."

Trump's order came as relations between the two countries continued to deteriorate. The US has criticized China for its initial treatment for the coronavirus outbreak.

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.

Related Articles